THE latest House Rebuilding Cost guide, published annually by the Society of Chartered Surveyors Ireland (SCSI), shows that national average house rebuilding costs have stabilised, and are now 24 per cent lower than they were in 2008.
The SCSI said that as many insurance companies automatically index-link home insurance premiums, homeowners should check to ensure that their rebuilding costs are adequate and in line with current figures. By doing so, they could avoid over-paying on their premiums.
The average minimum rebuilding costs for a standard three-bedroom semi-detached house around the country are as follows:
Dublin - €167,960
Cork - €129,390.
Galway - €127,205
Waterford - €127,205
Limerick - €127,680
Andrew Nugent, Chairman of the Quantity Surveying Professional Group of the SCSI said it was good news for homeowners that costs had stabilised.
"The key for homeowners is to check that their 'sum insured' on their home insurance premium is in line with this year's reinstatement figures to ensure that they are not over-paying or under-insuring for the costs of rebuilding their home."
Homeowners can check their rebuild costs are reflected in their insurance premiums by downloading the 2013 House Rebuilding Cost Guide from the SCSI website at www.scsi.ie.