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Rebuilding costs continue to accelerate

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By John Healy of Healy Insurances

The cost of construction has accelerated to record levels in recent months. As the country emerged from COVID restrictions the construction industry faced supply chain issues and delayed projects.

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Since then, the sector has battled shortages of materials, labour shortages and overall inflation in the wider economy. The end result of this turmoil is a huge increase in the cost of building. From an insurance perspective this is going to have far reaching consequences.

Your property should be insured for the reinstatement cost and not the market value, in order words the cost of rebuilding the house excluding the site value. Bear in mind that currently the rebuild cost could be higher than the market value.

The base rebuilding costs in the Kerry region are running at an average of €190 to €200 a square foot in the most recently published guide. I would wager that this figure is over €200 since the guide was published. Bear in mind the guide is based upon estate type houses built since the 1960s. The calculation should account for the most recent building regulations, professional fees, demolition costs and VAT, and should make provision for higher than average fittings, built in wardrobes, fences, walls, and garages.

UNDER INSURANCE

It is very important to note that “under insurance” can have a serious effect on any future claims settlements. All policies include an “Average Clause” which means in the event of “under insurance” any claims settlement can be reduced in value in proportion to the degree of under insurance. Where the Sum Insured is only 75% of the total reinstatement cost, you will receive 75% of the agreed cost of reinstatement, whether the claim is made for partial reinstatement or total loss.

I would recommend that you review your reinstatement sum insured sooner rather than later and review again in six month’s time. Inflation, supply chain shortages and the war in Ukraine are all affecting construction costs. In order to get a definitive individual reinstatement value on your house you should contact an independent qualified surveyor.

The Institute of Chartered Surveyors review rebuilding costs nationally and issue an annual report along with a handy calculator, this can be found at www.scsi.ie.

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Flesk Fest promises to be a great evening of fun

By Michelle Crean Glenflesk GAA are planning a fun filled evening of top class entertainment. The Flesk Fest takes place on Saturday July 16 at 4pm in The Kerryway Steakhouse […]

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By Michelle Crean

Glenflesk GAA are planning a fun filled evening of top class entertainment.

The Flesk Fest takes place on Saturday July 16 at 4pm in The Kerryway Steakhouse & Bar.

Two exciting bands ‘All Folk’d Up’ and ‘Super Ceili’ will be playing and there’ll be plenty of fun and games and a delicious barbecue, raffle with some great prizes, and of course the ever popular Hang Tough Challenge!

“Please come out and support this great event! Tell your friends and we will make it a night to remember,” Seamus Healy from Glenflesk GAA said.

” Admission is only €15, and tickets are available from Mary McCarrick 087 7750773, Padraig O’Sullivan 087 0530384 or any club officer. They are also available in the Kerryway on the night.

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Rising cycling star selected for Belgium Project

By Sean Moriarty Killarney cyclist Sam Bolger (18) has been selected as one of four riders for the Belgian Project – one of the most prestigious stepping stones for Irish riders […]

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By Sean Moriarty

Killarney cyclist Sam Bolger (18) has been selected as one of four riders for the Belgian Project – one of the most prestigious stepping stones for Irish riders with ambitions to turn professional.

Northern Ireland-based Belgian Danny Blondell is the man behind the project.

For the last 15 years Blondell selects between four and six Irish riders and sends them to Belgium where they stay with local families and contest pro and semi-pro races.

As a race commentator Blondell is well placed to decide who is deserving of inclusion in the project.

Over the first six months of the year he makes decisions while attending early season races.

Those lucky enough to get selected go to live and race in Belgium for the second six months of the year.

Bolger, from Lewis Road, was selected after winning the junior race in the Cycling Ireland National Road Series in Mayo in March and the Orwell Stage Race in County Wicklow in June.

“He is delighted, it is a very big deal,” his father Paul told the Killarney Advertiser.

“He has had a very good year and the wins in Mayo and Wicklow secured the Belgium Project.”

Bolger will head to Belgium in late July and after to the Junior Tour of Ireland which takes place in County Clare between July 12 and 17.

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