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The values given in this House Rebuilding Cost Calculator are indicative only and may not reflect actual rebuilding costs. The values are based on those provided by the Society of Chartered Surveyors Ireland . The 'cost per square metre' approach is based on the house size and some very basic information, but can be very inaccurate in terms of actual replacement cost.
Make sure you have accurate calculations for your replacement cost and check that you’ve added any necessary endorsements to provide extended coverage if needed. If you’re not sure how to calculate the replacement cost of your home, it just takes a few easy steps. To calculate the replacement cost, first, determine the building cost per square foot in your area and then multiply that by your home’s square footage.
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This must include the cost of reinstatement, debris removal, professional fees and compliance with EU regulations. Homeowners who are not adequately insured may be penalised under their policy by having to pay a certain proportion of the reinstatement costs. Where the insured sum is only 75% of the total reinstatement cost, you may only receive 75% of the agreed cost of reinstatement, whether the claim is made for partial replacement or total loss. For example, in the case of a house insured for €270,000, where the total reinstatement cost was €360,000, the insured party may only receive €270,000 to reinstate the house in the event of the total loss.
To determine the replacement costs of your specific contents you will need to consult a valuation expert or compile a detailed inventory of all your contents. With homeowners insurance, dwelling replacement cost refers to the amount needed to rebuild a home with similar materials. Home value is the actual cash value of a home on the current housing market.
What other factors might affect the rebuild cost of my home?
To use the calculator you need to register with an email address and accept the terms and conditions of use. A-Plan Blog is an information hub for everything related to car, home, life, marine and travel insurance. If the room is an odd shape, then break the room down into individual rectangles, calculate the area of each one (by multiplying the length by the width, and then add all the rectangle areas together. Gross monthly income is the total amount of money you earn in a month before taxes or deductions.
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How do I measure my house in square metres?
These features make an FHA loan particularly useful for many first-time homebuyers who have not yet saved enough for the amount of down payments that commercial lenders usually require for a conventional loan. If the rebuild cost of your home increases and you don’t update the value of your home insurance, you could well find yourself underinsured with an insufficient amount to cover the rebuild cost. Any building work you may have had done – including extensions or renovations – could also affect the rebuild cost of your home, so it’s vital you declare it. Put very simply, your rebuild cost is the amount of money you’d need to rebuild your home from the ground up .
If you’ve converted your property this’ll need to be factored into the rebuild cost and the RICS calculator estimate may not include this. It’s also important your home insurer is notified of any updates to the rebuild cost of your property so you have the right level of buildings cover for your home. Taking clear pictures and retaining proofs of purchase will also help in the calculation of the true cost of your contents, should they need to be replaced. Our home contents replacement cost calculator can help you estimate your contents' replacement cost.
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You should be able to find the last estimate on the deed to the property, though it may need updating. They will visit your home and thoroughly inspect your property to arrive at a rebuild cost. This costs money but is generally far more accurate than an online calculator. However, be sure to choose a certified chartered surveyor to get an accurate estimate for a licensed professional. Your buildings insurance provider needs to know the estimated house rebuild cost so they can offer you an accurate policy for the right price.
This is particularly relevant if your home is a non-standard construction, which includes properties made from timber or pre-fabricated concrete houses. If you overestimate your home’s rebuild value, you will pay more for your buildings insurance premium. Your provider will offer you quotes and policies based on your estimates.
Replacement cost is tied to the amount of coverage you select and the amount your insurance company will pay you if you file a claim. When you take out buildings insurance, it’s vital that you can quote the correct amount of money it would cost to rebuild your home. Failure to do so may mean you’re either paying over the odds, or that you end up under-insured and are not properly covered should something go drastically wrong. After the initial estimate, you can modify the assumed possessions list to make the estimate more accurate. The calculator is provided by Sum Insured, a company that specialises in the research and production of building contents information. It’s important to note that our contents calculator provides an estimate based on averages.
Therefore, the rebuild cost of a property is almost always going to be lower than the market value as the market value includes the building costs as well as other factors that add value to the property. While the rebuild cost considers the cost of rebuilding your home from scratch if it was destroyed, it factors in the cost of materials, professional fees, labour, site clearing, etc. Check each of the home replacement cost calculators to see which one would work best for you. When you have an accurate replacement cost, you can use our home insurance cost calculator to compare rates. Your rebuild cost will be affected if your property is made up of what is considered ‘specialist’ materials. These include features such as a thatched or timber roof, if part or all of your roof is flat, or materials beyond a standard ‘bricks and mortar’ build, such as having a glass front.
While every insurance company has a different formula for calculating depreciation, a standard method is to determine a product’s expected lifespan and subtract a certain percentage for each year since it was purchased. “Typically, a cost estimator for the dwelling should be done by an agent,” says Kirchen. However, since many people don’t use agents these days, it may also be done on the company website or by a representative over the phone.
Our content is carefully reviewed by insurance experts, and we rely on a data-driven approach to create unbiased, accurate insurance recommendations. Insurance.com maintains editorial integrity through strict independence from insurance companies. Bankrate services are provided at no cost to you, but we may receive a commission from the companies to which we refer you. It’s best to speak to a surveyor or insurance broker for advice about this. Most homes are built with brick or stone walls with a roof made of slate or tile.
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If your down payment is less than 20 percent of your home's purchase price, you may need to pay for mortgage insurance. You can get private mortgage insurance if you have a conventional loan, not an FHA or USDA loan. Rates for PMI vary but are generally cheaper than FHA rates for borrowers with good credit.
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