House insurance how much

house insurance how much

kkelliher Frequent Poster

Marion Moderator

My current insurance company asked me the square footage of my house.

They asked me how much I wanted to insure it for. I asked them what max they would pay on a complete destruction.

The answer gave me a reality check! However, I have a tracker and I paid the amount my mortgage company requested.

hastalavista Frequent Poster

My current insurance company asked me the square footage of my house.

They asked me how much I wanted to insure it for. I asked them what max they would pay on a complete destruction.

The answer gave me a reality check! However, I have a tracker and I paid the amount my mortgage company requested.

A year is a long time in insurance!

Marion

Click to expand.

Am a bit confused by the above.

Conventional practice here is that you look at the reinstatement cost for your house and insure for it.

Take this question from the 2011 LC Business paper II:

I am a well know radiohead and I live in a 2,000 sq foot bungalow in Dalkey.

I am paid c 1 mill yuro pa by the state run radio station.

I bought the vacant site, with FPP for a 2,000sq ft house, for 1 million yuro and the build cost 320,000 yuro [ 2,000 sq feet at 160/sq foot]

As herself wanted a new dress for our house warming party I borrowed 1.6 million on a 25 year ECB tracker of ECB +0.25% with interest only for the first 5 years

What should my house insurance be for?

Source: www.askaboutmoney.com

Category: Insurance

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