Home insurance

[thomàs anderson.]

Just to clarify - if you insure your house to a value of €300k and it burns down, the insurers won't give you a cheque for €300k, even if you can show receipts showing that it cost that amount to build in the first place.

They will demolish and clear out the site. Then they will build you a new house of similar spec but it will be build to modern standards with all checks, professionals and whatnot included. They will cover the cost of all this UP TO* the insured amount.

This is why it is very important to state your square footage and follow their advice on how much to insure for. An then you should go a bit over that to be on the safe side**.

*If they can get it done for less you won't see the difference. Their job is to put you back to where you were before the loss.

** There'll be relatively little premium difference between insuring a gaff for €300k or €350k

Great Post.

Had to add an extra 20k potential rebuild cost to my insurance this year

 

[Browser Brody]

From the official date of sale after papers have been signed I imagine.

Hmmm.
The solicitor would have this info ?
Or the estate agent ?

 

[Lee Bushwacker]

Hmmm.
The solicitor would have this info ?
Or the estate agent ?

Either I imagine.

 

[Mike Strutter]

Just to clarify - if you insure your house to a value of €300k and it burns down, the insurers won't give you a cheque for €300k, even if you can show receipts showing that it cost that amount to build in the first place.

They will demolish and clear out the site. Then they will build you a new house of similar spec but it will be build to modern standards with all checks, professionals and whatnot included. They will cover the cost of all this UP TO* the insured amount.

This is why it is very important to state your square footage and follow their advice on how much to insure for. An then you should go a bit over that to be on the safe side**.

*If they can get it done for less you won't see the difference. Their job is to put you back to where you were before the loss.

** There'll be relatively little premium difference between insuring a gaff for €300k or €350k

Top post; very informative and great advice.

To me insurance is like a fire extinguisher, you have to have it and hope you never have to use it

 

[TOMÁS]

Looks like no one will offer cover for subsidence except for Liberty and they are royally screwing everyone now it seems.

 

[rebel bike]

Looks like no one will offer cover for subsidence except for Liberty and they are royally screwing everyone now it seems.

Try arachas I know someone that had unknowingly let cover lapse and they were the only ones willing to cover him for subsidence.

 

[Hank Scorpio]

Had to make a claim earlier this year.

They came through after about 3 months from assessor to payout but the premium now.....

Yikes.

 

[Matlock]

Weird situation.

The brother is selling a house (it was willed to him and he is just moving it on )
It was “sold” via auction about a month ago, deposit payed and all looks good.
The insurance is up on it in November , do you know whom needs to pay it and at what exact point that becomes the responsibility of the new owner ?
I would think when they physically receive the deeds after all the paperwork is signed ?

It becomes the responsibility of the new owner on the date of closing, which is when money and title are exchanged. Sale agreed isn't enough to cease insuring it. Your brother needs to have it insured until thd keys are handed over.