The Sum Insured

No, the rebuilding cost or as sometimes referred to as ‘The Sum Insured’ had relatively little to do with the market value of the property, infact they could be miles apart. 

You should insure your home for the amount it would cost to rebuild it, which is called the reinstatement value. This is different to the market value of your home, which is what you would get if you sold it. You can get details of current rebuilding costs from the Society of Charterd Surveyors Website.

 It is important to make sure that you do not insure your home for too much or too little. If your home is insured for too little, your policy might not pay out enough for the full cost of repairing or rebuilding it if is damaged or destroyed. If it is insured for too much, your premium will be higher than necessary and you will not get any extra benefit if you have to claim, as you are only covered for actual cost of rebuilding or replacing contents. If you live in an apartment and pay management fees, buildings insurance is usually covered within the fees. However, you should still think about taking out contents insurance. 

You are not legally obliged to take out home insurance but if you have a mortgage, your lender can insist that you have buildings insurance so that you can afford to rebuild your home if it is destroyed. Home insurance is usually sold as a single policy that includes Buildings and Contents Cover.

REMEMBER IT IS THE RESPONSIBILITY OF THE POLICY HOLDER OR NAMED INSURED TO BE ENSURE THAT THE COVER IS CALCULATED CORRECTLY

risk assessment report

How do I know if my house in insured for the correct amount? 

An extensive report on your home or property to give you an accurate figure to avoid being underinsured.

What is Insurance Risk Assessment Report? 

It is a professionally compiled report that provides a detailed overview covering buildings, machinery, fixtures and fittings, computer equipment, stock and business interruption cover. Generally householders will insure their property at a sum that is based on the current market value of their property. This is not an accurate calculation of your total reinstatement value of your premises. It allows you to review the adequacy of your insurance cover and adjust accordingly to ensure that full cover is provided for thus avoiding underinsurance.

Why Do I Need to have this Report Carried out?

Once you report a claim to your insurance company they will carry out a detailed examination of the claim and examine your insurance policy to ensure that you have cover for the loss incurred. If your current cover is not adequate, you may have your claim reduced by that amount. Also more importantly, in the event of a large fire you may find that the total payout available on your policy falls short of the actual cost to reinstate your home.

How Much does it cost?

  • Semi-detached, terrace house within an urban area: €80 + vat
  • Detached dwelling house in a rural area: €100 + vat

The above prices are only a guideline, each job is priced accordingly. We will furnish you with a complete report which you can give to your broker or insurance agent at time of renewal, and they will ensure your sums insured are in line with your value at risk.

Have you Suffered a Loss? Need a survey?

We are here to help you out and navigate your way through the claims process. You can now book a survey from us online.

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Ready to make a claim? We are here to help

We are here to help you out and navigate your way through the claims process. You can now book a survey from us online.

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Would you prefer to Book an appointment?

No problem we are here to help you in any way we can. To book an appointment simply fill out the form on our contact us page and we will get back to you ASAP with our next available time slot.

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