house insurance - calculating rebuild costs!

by **Stig** » Thu, 23 Oct 2008 4:25 +0000

Hi,

My renewal arrived for my house - and like every year i review the rebuild cost and the contents cover etc.
But this year, my premium has gone up (with no claims made)and they said its becuse its the index linking of rebuild costs.

This mades me laugh. Like house prices are plummeting but as we all know rebuild cost has nothing to do with market value of your house, but the construction industry is dead so getting your house rebuilt (in the unfortunate event of a disaster) should not have gone up - it should be indexed linked DOWN!

i went to the chartered surveyer website - see this link -
http://www.scs.ie/HOUSE_REBUILDING_INSU ... y_2008.pdf

you see here they give info etc and rebuild costs for dublin, cork, galway, waterford etc - but dammit, i live in the midlands!
no rough guide for me!! :cry:

And this guide was done in May of this year? The construction industry has been in trouble since 2006!

by **Ivan** » Thu, 23 Oct 2008 4:56 +0000

Just cos the price of the house has gone down, does not mean
the cost of building it has.

Workers in jobs would expect to get the same weekly wage as last year plus extra for inflation

by **Stig** » Thu, 23 Oct 2008 7:01 +0000

Ivan,

You're worng there. Anyone who priced any construction work to be done back in 2004/2005/2006 versus pricing now would see significant savings.

Labour rates have been slashed esp for blocklayers and the like.

by **Stig** » Mon, 03 Nov 2008 2:14 +0000

Ivan wrote:Just cos the price of the house has gone down, does not mean
the cost of building it has.

Workers in jobs would expect to get the same weekly wage as last year plus extra for inflation

Update - the was an article in the Sunday Times yesterday stating the build costs are down from €132 per sq foot to €99 a square foot.
keep this in mind everyone when your house insurance is up for renewal.

Rgds,

Ollie.

by **Steve** » Mon, 03 Nov 2008 3:30 +0000

nice one! Did you go and ring your insurers for an adjustment?

by **Stig** » Mon, 03 Nov 2008 5:55 +0000

srigley wrote:nice one! Did you go and ring your insurers for an adjustment?

did, had a row with them too!

by **Steve** » Mon, 03 Nov 2008 8:18 +0000

any result?

by **Stig** » Mon, 03 Nov 2008 8:38 +0000

well, the knocked of €80 off the premium but another €80 in my calculations is required.

Think i'll beheaded in the Quinn/123.ie or whatever other disounters direction.


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	Author Message house insurance - calculating rebuild costs! by Stig » Thu, 23 Oct 2008 4:25 +0000 Hi, My renewal arrived for my house - and like every year i review the rebuild cost and the contents cover etc. But this year, my premium has gone up (with no claims made)and they said its becuse its the index linking of rebuild costs. This mades me laugh. Like house prices are plummeting but as we all know rebuild cost has nothing to do with market value of your house, but the construction industry is dead so getting your house rebuilt (in the unfortunate event of a disaster) should not have gone up - it should be indexed linked DOWN! i went to the chartered surveyer website - see this link - http://www.scs.ie/HOUSE_REBUILDING_INSU ... y_2008.pdf you see here they give info etc and rebuild costs for dublin, cork, galway, waterford etc - but dammit, i live in the midlands! no rough guide for me!! And this guide was done in May of this year? The construction industry has been in trouble since 2006! Stig *** Posts: 2419 Joined: Wed, 16 Apr 2008 12:22 +0000 Location: dn ʎɐʍ sıɥʇ Website Top by Ivan » Thu, 23 Oct 2008 4:56 +0000 Just cos the price of the house has gone down, does not mean the cost of building it has. Workers in jobs would expect to get the same weekly wage as last year plus extra for inflation Ivan Posts: 1205 Joined: Mon, 30 Jul 2007 4:40 +0000 Location: Co. Meath Website Top by Stig » Thu, 23 Oct 2008 7:01 +0000 Ivan, You're worng there. Anyone who priced any construction work to be done back in 2004/2005/2006 versus pricing now would see significant savings. Labour rates have been slashed esp for blocklayers and the like. Stig * Posts: 2419 Joined: Wed, 16 Apr 2008 12:22 +0000 Location: dn ʎɐʍ sıɥʇ Website Top by Stig » Mon, 03 Nov 2008 2:14 +0000 Ivan wrote:Just cos the price of the house has gone down, does not mean the cost of building it has. Workers in jobs would expect to get the same weekly wage as last year plus extra for inflation Update - the was an article in the Sunday Times yesterday stating the build costs are down from €132 per sq foot to €99 a square foot. keep this in mind everyone when your house insurance is up for renewal. Rgds, Ollie. Stig * Posts: 2419 Joined: Wed, 16 Apr 2008 12:22 +0000 Location: dn ʎɐʍ sıɥʇ Website Top by Steve » Mon, 03 Nov 2008 3:30 +0000 nice one! Did you go and ring your insurers for an adjustment? Steve Site Admin Posts: 5524 Joined: Wed, 05 Mar 2008 10:16 +0000 Top by Stig » Mon, 03 Nov 2008 5:55 +0000 srigley wrote:nice one! Did you go and ring your insurers for an adjustment? did, had a row with them too! Stig * Posts: 2419 Joined: Wed, 16 Apr 2008 12:22 +0000 Location: dn ʎɐʍ sıɥʇ Website Top by Steve » Mon, 03 Nov 2008 8:18 +0000 any result? Steve Site Admin Posts: 5524 Joined: Wed, 05 Mar 2008 10:16 +0000 Top by Stig » Mon, 03 Nov 2008 8:38 +0000 well, the knocked of €80 off the premium but another €80 in my calculations is required. Think i'll beheaded in the Quinn/123.ie or whatever other disounters direction. Stig * Posts: 2419 Joined: Wed, 16 Apr 2008 12:22 +0000 Location:** dn ʎɐʍ sıɥʇ Website Top


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house insurance - calculating rebuild costs!

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