Denis O'Donovan (Fianna Fail) | Oireachtas source

Building costs have also fallen, as have site values. Consumers must take action on this matter because an insurance company is hardly going to highlight the fact that someone's home is worth a great deal less than used to be the case.

If a customer does not seek to establish a realistic value for his or her house, an insurance company will not come out to one's house and say it is worth much less than the value the customer has put on it. I am aware of a house that was built by a local authority on Bear Island for a family in need. The site was owned by the family. There was a delay in building it and the cost involved fell from ¤200,000 to approximately ¤105,000. Value for money could be obtained and builders were competitive in their prices. As many people who worked in the construction industry are unemployed, one can get good value for money if one shops around.

We fully support the Bill. As a result of a lack of action dating back not only during the term of this Government but a number of years, Europe has propelled and forced us to make changes that I view as very appropriate. It is probably a little too late for many people who have suffered.