SCSI Guide to House rebuilding costs for Insurance Purposes 2021

SCSI guide to House rebuilding costs for insurance purposes

The SCSI Tender price index figures show national construction tender prices have increased rapidly in the past year. This is due to pent up demand post Covid, supply chain constraints, increase in the cost of materials and labour shortages.

How does this effect you as a home owner?

The amount you have your property insured for is known as the reinstatement cost. The reinstatement cost is based on the cost of rebuilding your property. It is not the market value of your property.

When the cost of construction increases it will impact on the reinstatement cost/amount you have your home insured for. Bearing in mind that construction cost have escalated by more than 20% in the past year, this may mean your property is underinsured.

If your property is underinsured you will not get the full costs for rebuilding it in the event of a claim.

I advise all homeowners to look at their home insurance on a regular basis to ensure that they are fully protected.

SCSI House Insurance Calculator

The SCSI have put together some information to assist homeowners when insuring their houses. They show you how to calculate your rebuilding costs depending on where you live in Ireland and what type of property you own.

Use the SCSI online insurance calculator to check if your home is fully insured.

Have a read through the SCSI guide. If you have any queries please get in touch with us. https://dnggalvin.ie/contact/