How much should I insure my buildings for & what should be included?
To make sure your home is properly insured, you’ll need to base your coverage on its full rebuild cost rather than its market value. This ensures you have enough cover to rebuild in case of damage.
How do I calculate my home’s rebuild cost?
The rebuild cost is the amount needed to completely reconstruct your home, including demolition and debris removal. To estimate this:
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Check official guidelines – Use the Society of Chartered Surveyors Ireland’s (SCSI) current rebuild cost figures as a reference.
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Adjust for high-end features – If you have premium finishes like marble flooring, bespoke kitchens, or hardwood interiors, make sure to factor these in.
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Ensure your sum insured is updated – 123.ie applies index linking at renewal to help protect against inflation, but you should still review your rebuild cost regularly.
What should my buildings insurance cover?
Your policy should include:
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Main structure – The house itself, including walls, roof, and foundations.
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Fixtures and fittings – Built-in elements like kitchens, wardrobes, and bathroom units.
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Domestic outbuildings – Garages, sheds, and similar structures.
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External features – Swimming pools, driveways, patios, fences, boundary walls, footpaths, lawns, trees, shrubs, and plants.
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Utilities – Private wells, solar panels, wind turbines, and fuel storage tanks.
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Fees and debris removal – Your policy includes cover for architects’ and surveyors’ fees, as well as the cost of removing debris and complying with local authority requirements if repairs or a rebuild are needed.
For apartments and duplexes, buildings insurance is usually managed by the management company, so check if a block policy is already in place.
Why is insuring for the correct rebuild cost important?
If your sum insured is less than the full rebuilding cost, your claim payout may be reduced proportionally. This means you may have to cover part of the rebuild costs yourself.
Ensuring your sum insured matches the full rebuild cost means you are fully protected in case of damage.
Get in Touch
For more details, please check your Policy Document or contact us to talk to one of our experts.