The Society of Chartered Surveyors' guide to rebuilding costs excludes one-off houses, period houses and properties with more than two storeys. The figures allow for demolition costs, professional fees and VAT. House contents such as carpets, curtains and furniture are not included, nor are outbuildings, walls, fences, patios or above-average fittings and finishings.

Home insurance policies usually cover contents on a new-for-old basis. Under "all-risks" cover, which usually adds to the premium, the insurer will replace contents which are lost, stolen or damaged while temporarily removed from the home. Accidental damage to household equipment may be covered on some policies, but it too is often an optional extra. Most policies also give homeowners liability cover up to certain limits.

Apartment owners pay for block insurance through their annual maintenance charge. Details of this cover and a breakdown of costs should be included in the management company or agent's annual report.

Apartment owners can then decide to buy their own contents-only insurance policy.

Premiums can be reduced by fitting two smoke alarms, using approved security locks, fitting a burglar alarm and joining a neighbourhood watch scheme. People over the age of 50 or 55 may also be able to secure a discount, as can people who hold another policy with the same company or who opt to pay a higher excess in the event of a claim.

The society's 2005 Guide to House Rebuilding Insurance is available free of charge by sending a stamped self-addressed envelope to the Society of Chartered Surveyors at 5 Wilton Place, Dublin 2. It can also be downloaded from www.scs.ie.

A guide to home insurance is available from the financial regulator at www.itsyourmoney.ie or by ringing its consumer helpline on 1890 777 777.