In an article I wrote for the Irish News of the World recently about the cost of insurance, I highlighted an issue that given current times is worth repeating in a post of it’s own.
We all know the property market is suffering badly now, so with cheaper costs for labour and materials, it could be worthwhile getting your rebuild cost for your hose re-estimated in case it could reduce your home and buildings insurance premium.
This was written about recently as well on the Tuppenceworth.ie blog – The Great House Insurance Mystery.
Basically, to get your mortgage you’ll have had to get home insurance to cover the rebuild cost of your home. As I pointed out in my article, those rebuild costs are likely to have come down recently given the tough times the country is experiencing.
Yet, as pointed out by Tuppenceworth, the standard reference material used in Ireland to calculate rebuild costs hasn’t been updated for nearly a year now.
This all means that we’re all more than likely overpaying on the rebuild part of our home insurance costs.