AS THE new year rolls around, Limerick homeowners are being encouraged to make sure their homes are adequately insured.
This comes as it was announced that average rebuild costs have increased by five per cent in Limerick over the last 12 months.
The latest House Rebuilding Guide published by the Society of Chartered Surveyors Ireland (SCSI) shows that the costs to rebuild a house has risen significantly over the last year.
The House Rebuilding Guide is an annual publication used by homeowners to calculate the rebuilding costs of their home for house insurance purposes.
The publication showed that the average cost to rebuild a three-bedroom semi-detached house in Limerick now stands at €267,822, an increase of almost €25,000 on figures from last year.
In 2023, the average cost to rebuild a three-bed semi in Limerick was €252,840.
The national increase during 2024 was 6.2 per cent, down on a 12 per cent increase the previous year.
However, chartered quantity surveyor Kevin Brady said that labour costs and skills shortages are continuing to drive increases.
“Due to Covid, the war in Ukraine, high energy prices, and supply chain issues, the construction market experienced significant volatility over the last five years. The resolution of some shortages and supply chain issues has led to the cost of some materials moderating – the price of insulation, timber and paint for example have generally settled down.
“However, we are continuing to see increased costs in labour intensive tasks such as demolition and disposal of waste material while skill shortages across plumbing, electrical, heating, and other trades are also contributing to increased costs,” Mr Brady said.
“SCSI members are saying the demand for builders throughout the country remains at an all-time high and this is also a contributory factor to the increases we are seeing in this year’s figures. The introduction of the concrete levy has increased the cost of pre-cast and pouring concrete while the introduction of two new levies on waste and disposal in September is likely to increase costs going forward,” he added.
