If you have just got the renewal quote for your House Insurance and are not happy with the quote then there is a way to reduce the cost.
It is advisable to review the amount you are insured for at least every two years. The amount that you insure your house for is referred to as the Reinstatement Value or the Rebuilding Cost. Basically this the amount of money it would cost to rebuild your house in the unfortunate event that it burned to the ground.
If you have not checked the rebuilding cost of your house recently then chances are you will be way over insured. The reason for this is that it is now allot cheaper to rebuild a house than it was a few years ago.
Your house insurer will never tell you that you are over insured as they want to maximise profits. The higher your rebuilding cost the higher the profits are for the insurer.
A great guide to the amount you need to be insured for can be found by clicking on the following link
http://www.scs.ie/2010-SCS-House-Rebuilding-Insurance-Guide.pdf
This link is a PDF guide which you can download from The Society of Chartered Surveyors website. You need to know the approx Sq. Ft size of your house and the guide then shows you how to work out the up to date rebuild cost.
Armed with your new lower rebuild cost you can get your insurer to quote you a new lower premium.
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