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Underinsurance is a critical issue

Published

3 years ago

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By John Healy of Healy Insurances

Home owners may have received a letter recently from their insurer regarding 'underinsurance'.

The Central Bank of Ireland has instructed insurers to contact all home owners to highlight this critical issue.

As an insurance broker we have been highlighting this matter for a number of years to our customers as the cost of building has been increasing steadily since before the pandemic.

Last year Zurich Insurance carried out a survey of over 1,000 Irish consumers.

Its key findings were as follows:

According to the research, 51% of homeowners surveyed are correctly insuring their properties, while over 1/3 of homeowners (36%) are incorrectly insuring their properties by basing their calculation on their homes’ market value as opposed to its rebuild cost. An insurance valuation refers to the ‘building sums insured’, which is the full cost of rebuilding a property including the cost of site clearance and architects’ fees. This should not be confused with the market value.

A further 36% of people who took out a home insurance policy did not take any action to calculate their buildings sums insured, i.e., the rebuild cost of their home. However, one in four people used the rebuild cost calculator operated by the Society of Chartered Surveyors Ireland (SCSI) or another reputable operator, while 15% of homeowners organised a bespoke rebuild valuation through a building’s surveyor.

Meanwhile, over a quarter (26%) of homeowners have reviewed the cost involved in rebuilding their home within the last year, 20% reviewed two years ago while a similar figure (19%) have left it three years or more. Almost 1/5 of homeowners (18%) have never reviewed the cost to rebuild their home or can’t remember doing so. High and rising inflationary costs across the construction sector mean homeowners should be reviewing their rebuild cost annually when renewing their policy to avoid the possibility of homes being underinsured.

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

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HeartBeat’s expert talk on the science of sleep

HeartBeat Kil larney will focus on the vital role of sleep in cardiac and mental health at its next community meeting on February 24. The event, held at the Parish […]

Published

6 hours ago

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20 February 2026

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HeartBeat Kil

larney will focus on the vital role of sleep in cardiac and mental health at its next community meeting on February 24.
The event, held at the Parish Centre on Park Road, features guest speaker Dr Anna O’Sullivan, a Senior Clinical Psychologist with the HSE.
Following her previous popular sessions with the group, Dr O’Sullivan will return to provide a deep dive into the neuroscience of sleep.
The talk will explore why rest is a cornerstone of physical and mental well-being and how sleep requirements shift throughout various life stages, from childhood and the teenage years to parenthood, perimenopause, and older adulthood.
Attendees can expect practical advice on managing common sleep difficulties and strategies for improving sleep quality. Dr O’Sullivan will also outline simple self-care actions that can maintain or enhance long-term sleeping habits, as well as the long-term impacts of insufficient rest.
The meeting begins at 8:00 pm at the Parish Centre and is open to all members of the community. A question-and-answer session will follow the presentation, and the evening will conclude with light refreshments and an opportunity for attendees to chat.

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Parking plan for Muckross Rowing Club boat launch

Published

10 hours ago

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20 February 2026

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Muckross Rowing Club will host a landmark event on Sunday to officially launch and bless three new additions to its racing fleet.

The ceremony is scheduled to take place at the club’s boathouse at 2pm and represents a significant moment in the club’s long-standing history.


The club has issued an open invitation to all past and present members, as well as supporters, friends, and family, to join in the celebrations.

Following the formal blessing and naming of the boats, light refreshments will be served at the boathouse for all attendees.


For those planning to attend the event, parking will be situated at the Muckross House car park.


The club has requested that anyone requiring parking access closer to the boathouse make contact with a committee member in advance so that appropriate assistance and arrangements can be made.


The core of the celebration is the naming of the boats in honour of three of the club’s most distinguished athletes: Paul Griffin, Sean Casey, and Cathal Moynihan.


These three oarsmen achieved the ultimate success in the sport by representing Ireland at the 2004 and 2008 Olympic Games.


Having started their journeys as Muckross juniors before rising through the international ranks, their legacy continues to be a major source of pride for the club as they are immortalised in the newest fleet.

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