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Underinsurance is a critical issue

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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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Country Queen Cliona Hagan to play Sneem Hotel

Get ready for a glamorous evening of country music as bombshell Cliona Hagan, one of Ireland’s most beloved country music stars, takes the stage at Sneem Hotel on Saturday, May […]

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Get ready for a glamorous evening of country music as bombshell Cliona Hagan, one of Ireland’s most beloved country music stars, takes the stage at Sneem Hotel on Saturday, May 11, 9:00 PM.

Known for her powerful vocals, captivating stage presence, and chart-topping hits, Cliona Hagan promises to deliver a memorable performance that will have the audience on their feet and singing along all night long.
The concert, set against the stunning backdrop of Golden’s Cove at the Sneem Hotel, promises to be an unforgettable experience for country music fans of all ages. From heartfelt ballads to lively toe-tappers, Cliona Hagan’s versatile repertoire ensures there’s something for everyone to enjoy.
Tickets for the concert are priced at €25 and can be purchased at the door on the night of the event. Don’t miss your chance to see Cliona Hagan live in concert at Sneem Hotel on May 11th. Overnight hotel stay packages including dinner and concert tickets, bed and breakfast are also available!
For more information, please visit www.sneemhotel.com or contact 064 667 5100.

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Coffee morning for Kerry Cancer Support Group at the Royal

Killarney Royal is hosting a Charity Coffee Morning on April 19, in aid of the Kerry Cancer Support Group. Join the team at Killarney Royal from 10.30am-12pm where fresh coffee, […]

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Killarney Royal is hosting a Charity Coffee Morning on April 19, in aid of the Kerry Cancer Support Group.

Join the team at Killarney Royal from 10.30am-12pm where fresh coffee, delicious homemade scones, pastries and treats await in the newly refurbished lobby and bar.

All guests attending will also have the chance to be entered into a raffle with a number of wonderful prizes on offer throughout the morning. Volunteers will also be on hand to accept donations, with all proceeds going to the Kerry Cancer Support Group.

“The Kerry Cancer Support Group work hard each day to provide an excellent service and are devoted to maintaining a warm, welcoming environment while ensuring that service users have immediate access to free programmes and resources. Killarney Royal are delighted to support this incredibly worthy charity,” said Brand Sales and Marketing Executive Aoibheann O’Leary.

All are welcome on the morning, with no pre-booking needed.

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