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The cost of rebuilding a house has risen 

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By John Healy of Healy Insurances

The average cost of rebuilding a house in Ireland has risen by an average of 21% over the past 12 months according to the most recent rebuilding guide issued by the Society of Chartered Surveyors Ireland (SCSI).

The causes for the continuing acceleration of costs are many and new challenges such as energy costs are adding to the issues.

The construction sector has battled shortages of materials, labour shortages and overall inflation in the wider economy. The war in Ukraine and the current energy crisis are going to have consequences on the cost of materials which in turn will feed into rebuilding costs as the winter progresses.

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 other 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 €220 to €240 a square foot - or €2,435 per square metre for a four bed detached house of 119 square metres - in the most recently published guide.

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.

It is very important to note that “underinsurance” can have a serious effect on any future claims settlements. Most policies include an “Average Clause” which means in the event of “underinsurance” any claims settlement can be reduced in value in proportion to the degree of underinsurance. 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 continue to review during the year. In order to get a definitive individual reinstatement value on your house you should contact an independent qualified surveyor.

The rebuilding cost report and a rebuilding calculator can be found at www.scsi.ie.

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Rathmore students look to the future

Students in Scoil Phobail Sliabh Luachra, Rathmore looked to the future as they explored third level opportunities. The teens took part in a number of activities to mark College Awareness […]

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Students in Scoil Phobail Sliabh Luachra, Rathmore looked to the future as they explored third level opportunities.

The teens took part in a number of activities to mark College Awareness Week which was held in schools and other education settings nationwide last week.

The focus throughout the week in their school was to highlight the wide range of options open to them when they leave school and to realise that there are pathways to suit all types of learners.

Students from First to Sixth Year took part in activities to get them thinking about their future plans.

First and Second year students completed a module on ‘My Pathways’ and Third Years had an introductory talk on options after school.

Transition Year students worked on a display on all the options and pathways available after school which will remain up permanently.

Senior Cycle students attended the Careers Fair in Munster Technological University (MTU) where they got a chance to meet universities, colleges of Further Education, agricultural colleges, apprenticeship and more education and training providers from around the country including past sudent Aidan O’Mahony at the stand with An Garda Síochána.

Leaving Cert and LCA students had a really informative talk in school on Further Education and apprenticeships from Ella O’Donoghue, Admissions Officer of Kerry College.

The week finished with a talk for Senior Cycle students on Business and Law options in UCC by Ian Wallace.

“A highlight of the week was the involvement of past students, who sent us video clips on their career stories so far and shared tips with students,” Niamh Dwyer, Guidance Counsellor at the school, said.

“It was fabulous to see how well our former students have done and it was really important for our current students to see the diversity of pathways they have taken including apprenticeships, Further Education courses, university, travel, setting up businesses and returning to education as mature students. We are really grateful to the past students who reconnected with us for this week, their input was inspiring and invaluable.”

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Students have education and fun London trip

Leaving Certificate students from St Brigid’s returned home Saturday night after a hectic four-day tour to London. The 87 girls took a tour of London on their first day in the city […]

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Leaving Certificate students from St Brigid’s returned home Saturday night after a hectic four-day tour to London.

The 87 girls took a tour of London on their first day in the city after landing. They visited some of the famous locations on the journey, such as Big Ben, the Houses of Parliament, Westminster Abbey, and Trafalgar Square. They enjoyed a night at the Lyceum Theatre in the West End watching ‘The Lion King’.

The girls went to The Natural History Museum on day two, which has one of the world’s greatest collections of historical artefacts. They took their time looking around the massive cathedral-like structure’s sculptures and frescoes. Four coloured zones that focus on topics including the environment, evolution, the planet, and wildlife make up the museum’s divisions. They then took pleasure in a trip to the fascinating Science Museum. It was the ideal location for someone with an inquisitive mind, full of amazing things to do and explore.

The Victoria and Albert Museum was the next stop on the itinerary. The V&A’s collection of art spans 5,000 years, from prehistoric periods to the modern era. The Mouse Trap, an Agatha Christie play, was the entertainment for this evening at the St Martin’s Lane Theatre. The play’s 70th anniversary was this week.

On day three, the girls boarded a capsule for a 30-minute spin of the London Eye and marvelled at the breath-taking sights of London. After that, they went to the Royal Observatory Greenwich’s Planetarium and Astronomy Centre, where they experienced an amazing adventure through space. They went to the Prime Meridian in Greenwich, planting one foot on the eastern and the other on the western hemisphere of our planet.

The girls ended their evening at what was a highlight for many at Winter Wonderland in Hyde Park.

On the final day before flying home, the girls went to Oxford Street to do a spot of shopping.

“A great trip was had by all where many memories were made,” said Sheree Murphy, one of the teachers who travelled with them on the trip.

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