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By Louise Devlin
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When getting a home insurance quote in Ireland, it's important to calculate the contents cover and cost of rebuild amount accurately to ensure you have the appropriate level of coverage. Here's a step-by-step guide on how to calculate these two important aspects of your home insurance policy:
1. Contents Cover:
Contents cover refers to the amount of insurance you need to cover the value of your personal possessions in your home. To calculate this, you need to make an inventory of all the contents in your home, including furniture, appliances, electronics, jewellery, clothing, and other valuables. You can use an online contents calculator to help you estimate the value of your possessions. Once you have an idea of the total value, you should choose a contents cover amount that would be enough to replace everything if it was all lost or damaged.
2. Cost of Rebuild Amount:
The cost of rebuild amount refers to the amount of insurance you need to cover the cost of rebuilding your home if it was completely destroyed. This amount should not be based on the market value of your home, but rather the cost of rebuilding it from scratch, including the cost of materials, labour, and any other associated expenses. You can use an online rebuild cost calculator to estimate this amount, or you can hire a professional surveyor to provide a more accurate estimate.
Once you have calculated both the contents cover and cost of rebuild amount, you should add them together to get your total sum insured. This is the amount of insurance you should choose when getting a home insurance quote in Ireland. It's important to review this amount regularly to ensure that it still provides adequate coverage, as the value of your possessions and the cost of rebuilding your home may change over time.
Remember, when getting a home insurance quote, it's important to provide accurate information to ensure that you have the appropriate level of coverage. If you're unsure about anything, don't hesitate to contact the home insurance team at Arachas who will be happy to advise you.