Guide to rebuilding costs

House Rebuilding costs – What they are and how they affect your insurance.

On the face of it the definition seems simple, they are the costs associated with having to completely rebuild your house if it was destroyed by an insurable event.

They include the cost of clearing the site, labour and materials cost of rebuilding.

They can be affected by things like how accessible the site is. If the materials can be easily delivered to the site and off loaded by crane or directly from the lorry this will keep the costs down. If however, the site is relatively inaccessible, and all materials have to be unloaded and carried on to the site by hand, then this will add considerably to the costs.

You should build in some allowance for fluctuations in the price of labour and materials. Better to allow a margin of error in the price rather than underestimate the value.

The key here is to make an effort to get as accurate a figure as possible. Talk to experienced builders, try your local builders providers.

Don't just pull a figure from the air.

Remember you will be penalised if you under insure.

The rebuild costs have nothing to do with the market value.

A house in a low market value area may have higher rebuild costs, perhaps due to difficult access, than a house in a highly desirable area which has easy access.

If you house is different from the average this will affect the rebuild costs.

For example, is it a listed building of architectural importance? If so, then it will have to be restored to a very high finish, adding to the costs.

Is it constructed with expensive materials? If so, you must take this into consideration when making your calculations.

Time spent getting it right will be rewarded, you will avoid having too much or too little house insurance cover.

You will also have a bit of a head start on pricing, in the event of having to make a claim on your house insurance policy.

Moving Home Checklist

  Get a mortgage for your new property.

 Compare mortgage protection insurance

 Up date your Life insurance.

 Consider income protection.

 Compare home insurance.

 Choose a solicitor.   

 Prepare property for sale.

 Organise a BER Cert for your property.

 Organise a building survey of your new property.

 Organise new electricity and or gas provider.

 Organise new digital TV, broadband, phone, provider

 Get a quote from a removal company.

Get a quote from man with van.

 Hire a van.

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 Get something for the garden.

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Guide to Accidental Damage

Accidental Damage Insurance Explained. 

We all try to make sure that our home is protected by insurance. After all it is our home,and if accidents happen (and they do) we have to live with the consequences. We need to be able to fix it as soon as possible.

It is a good idea to check out the details of your home and contents insurance now, before an accident happens. You will be ready for action as soon as the mishap occurs. You will astound onlookers with your knowledge of insurance matters. If you discover areas of cover that need to be improved, it is always better to do so before disaster strikes.

As the boy scouts say “Be prepared”.

What is accidental Damage?

Most policies define what is meant by accidental damage. It usually says that for damage to be classified as accidental it must be sudden, unintentional and as a result of an external visible and violent cause.

If a policy does not define accidental damage then the ordinary meaning will apply. By ordinary I mean the everyday use of a word is utilised.

This rules out “wear and tear” as it is damage caused by regular incidents which result in an accumulated loss. If a home appliance simply wears out and stops working, this would not meet the terms of the definition.

Damage does not have to mean simple physical damage. It can also include loss of function, or loss of use. For example a blocked drain is not physically damaged, however it is unusable.

If you have to make a claim on your home and contents insurance policy, you should read the definitions and terms of the policy so that you can be sure that the claim is made under the correct cover provision.

If in doubt contact us for help and advice from one of our qualified experts.

Children and animals.

The showbiz world has a warning about the dangers of working with childern and animals.

Well they also have an impact in the world of insurance.

Many accidental claims are the result of accidents caused by either or both.

The standard contents policy will usually cover damage to the television or other electronic device. You should consider extending the policy to cover accidents like blackcurrent juice being spilt on your carpet or sofa.

Check what is excluded by your policy.

Chewing, tearing, scratching and fouling is usually excluded. So you will have to improve your habits, and perhaps also those of your pet.

Remember, even if you don't have either children or a pet you will have visitors, so do check your policy.

Home improvements.

If like me, DIY stands for destroy it yourself, then you should take a look at the terms of your policy, before undertaking any work.

The difference between buildings and contents can sometimes be difficult to decide.

A general rule to apply if you are thinking of a DIY project is , if the potential damage is greater than the savings you might make, then you should consider getting a professional in to do the job. If you do, make sure that they have adequate insurance. All electricians must be registered and have proper insurance. (See www.safeelectric.ie)

Make sure that you have the cover you need.

We have covered the most common areas of accidental damage. One common thread running through it is, always check the policy. Better to do it now rather than later, when it might be too late.

Remember, help is at hand. Our experienced experts at mypremium.ie can help you decide what cover you need, and obtain it for you at the best price.

If you are unsure about any aspect of your home and contents insurance, ask an expert.

You'll be glad you did.

Personal Legal Expenses Insurance

What is Legal Expenses Insurance?

The scales of justice are not always evenly balanced.

Unless you have unlimited sources of wealth, the cost of going to court may discourage you from defending your rights in court.

Even when you decide to go to court, you may be forced in to settling for less, due to the pressure of being exposed to the risk of having to pay substantial legal costs.

The person, or company, with the most resources, may bully you into submission.

That is where Legal Expenses Insurance comes to the rescue.

It helps individuals and companies meet the cost of taking or defending legal actions.

I have motor insurance, won't that cover me in the event of a claim?

Motor insurance is a legal requirement.

Uninsured losses can arise, however.

Personal Legal Expenses Insurance will cover the costs involved in recovering these losses from the person who is liable for the accident.

We can arrange cover for a wide range of conflicts including contract disagreements, personal injury, and employment disputes.

We can also arrange similar cover for your business (Read more>>>)

What are legal Costs?

These are expenses incurred in taking or defending a legal action.

They include items such as solicitor's and barristers fees, legal disbursements such as the stamp duty payable on court documents.

Expert witnesses fees,

They also refer to the costs or the other side to the dispute, should you lose and be responsible for their costs.

What should I do next?

For peace of mind you should always strive to reduce risk.

By taking out legal expenses insurance, you are doing just that.

For a small monthly or annual sum, you are giving yourself the advantage that, should you have to go to court, you will do so with an experienced legal team on your side, and the legal costs are covered.

You can telephone us on 1890 666 666 and speak to one of our experts,

or click on the call me back (above) and we will contact you at a time that suits,

Or

use the quotation button above and we will get you your best personal legal expenses insurance policy in Ireland.