Connect with us

News

Rebuilding costs continue to accelerate

Published

on

0229449_JP_Healy_1000x600.jpg

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.

.

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.

Continue Reading
Advertisement

News

Final delivery as DJ retires

By Michelle Crean There’s hardly a Killarney home he hasn’t been to – but now DJ O’Driscoll has stood down from his duties. Friday night marked delivery driver DJ’s retirement […]

Published

on

0253893_DJs_Retirement_1.jpg

By Michelle Crean

There’s hardly a Killarney home he hasn’t been to – but now DJ O’Driscoll has stood down from his duties.

Friday night marked delivery driver DJ’s retirement from the Killarney branch of Corcoran’s Furniture & Carpets, a position he has held for the last 15 years.

On Friday night, colleagues from all three Corcoran’s Furniture & Carpets stores gathered in the Killarney Height’s Hotel. DJ was also joined by his daughter and her partner for the special night.

“After almost 15 years of steadfast work with Corcoran’s, DJ has been a constant pillar of support for his colleagues and has helped the company go from strength to strength,” owner Kieran Corcoran said.

“Corcoran’s would like to wish DJ the very best of luck for the future and hoping that he enjoys his retirement. Many thanks to Killarney Height’s Hotel for hosting the staff night on Friday. A great night was had by all!”

Attachments

Continue Reading

News

Rowers pull together for Order of Malta

Members of Flesk Valley Rowing Club had a strenuous but successful morning on Sunday when they collectively rowed the distance from Malin Head to Mizen Head. And it was all […]

Published

on

0254027_Screenshot20230327174907.jpg

Members of Flesk Valley Rowing Club had a strenuous but successful morning on Sunday when they collectively rowed the distance from Malin Head to Mizen Head.

And it was all done indoors on rowing machines in support of the Killarney Order of Malta.

Just before 11am the Valley armada ‘left shore’, and approximately 40 members aged from 12 to 50ish set to their task with enthusiasm. By midday someone reckoned that Barack Obama’s Plaza had been reached but unfortunately there was no stop for tea, just a splash of holy water, a mouthful of Lucozade and a few jelly babies for the lucky ones!

As the kilometres clicked slowly by the temperature started to rise and the cry went up from the gasping veterans to open all the doors!

No such problems for the junior relay crews who had a fantastic morning rowing, laughing, and racing each other all the way to the finish.

The junior members who took on the half-marathon distance individually were amazing throughout and got stronger as the finish line came into view.

“We’re delighted with how the morning went,” Tadhg Kelly from Flesk Valley said.

“There was a great atmosphere in the venue, and we are grateful to all the parents and Flesk Valley supporters who came along to encourage our young and not-so-young rowers. It was great too to see the members of the Order of Malta in attendance to offer their support, and the club would like to thank everyone who donated on the day.”

Tadhg also expressed his thanks to the underage coaches and committee members for looking after everyone during the event. He especially wanted to mention everyone at Celtic Steps and the Killarney Racecourse for facilitating the club and Workmens Rowing Club and Glenflesk GAA for the use of their equipment.

Continue Reading

Trending