You probably don’t want to think about it but 1000’s of Irish homeowners could be incorrectly estimating the cost of re-building their home in the event of a fire or serious structural failure. The Fire Brigade attends almost 10,000 domestic fires a year in Ireland, a proportion of which require the house to be completely rebuilt.
Market Value vs Actual Costs: With little experience in construction, the market value is often used by homeowners as a guide for assessing how much it would cost to rebuild. Unfortunately this is a misconception; it rarely reflects the true, full cost of replacement. This and many other potential insurance pitfalls can make reinstating your home after a fire a nightmare.
Online Calculator: The Society of Chartered Surveyors Ireland has produced an online calculator to help homeowners improve the accuracy of the rebuild costs. The service can be accessed at http://www.scsi.ie/about_us/rebuildcalculator alongside a comprehensive guide explaining all the aspects.
Article contributed by SelfBuild.ie
