Gareth Scahill (Fine Gael)

I, too, join in the sympathies expressed to former Councillor Jim Finucane. I also welcome the guests of Senator Cosgrove. Some have been in the Seanad so many times over the past couple of weeks, I am worried they are eyeing up some of our seats. They are all very welcome here today.

The Society of Chartered Surveyors Ireland recently published a report showing the average cost of rebuilding a home rose by 7% nationally over the past year, following an increase of 6% last year. Thankfully, it is below the 12% increase we saw in 2023. Increases vary across the country, from 3% in Cork to 5% in Dublin and 9% in the north west. The Society of Chartered Surveyors Ireland is rightly urging homeowners to check their insurance policies and use its rebuild calculator to make sure their properties are properly insured.

That is where the problem arises. When people update their insurance to reflect higher rebuild costs, their premiums can rise sharply, which hits families hard, especially during a cost-of-living crisis. We must have a real discussion in the House. It is encouraging to hear other Senators call for the Minister, Deputy Browne, to come to the House for a debate on defective blocks because we have to consider how these cost increases are affecting homeowners, not just in terms of affordability but also in terms of risk.

Too many families are underinsured without even realising it and if disaster strikes, such as a fire, flood or defective blocks, they could face paying tens of thousands out of pocket because their policies no longer cover the full rebuild cost. We cannot ignore this. The Government, insurers and the Society of Chartered Surveyors Ireland need to work together to raise awareness, simplify insurance reviews and explore ways to protect homeowners from sudden cost increases. Owning a home should bring security, not a fear of what happens if costs keep climbing. It is time that we had a conversation in the Seanad and work to ensure families across Ireland can protect their homes fairly and affordably. I welcome the call to have the Minister, Deputy Browne, address the Chamber on this and other issues.