Róisín Shortall (Dublin North West, Social Democrats)
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65. To ask the Minister for Finance the steps he is taking to ensure home insurance companies provide better information to customers in order that they are in a better position to provide an accurate figure for buildings sums insured, as the current lack of information can often lead to persons being over-insured; the regulatory changes he proposes in this regard; and if he will make a statement on the matter. [44338/15]

Michael Noonan (Limerick City, Fine Gael)
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In my role as Minister for Finance I have responsibility for the development of the legal framework governing financial regulation. 

I have consulted with the Central Bank of Ireland and Insurance Ireland on this issue. The Central Bank has advised that there are no statutory requirements on insurance companies to provide information to customers on the calculation of rebuilding costs. The Central Bank also stated that it is unaware of any systemic issue around the over-insurance of property. 

Insurance Ireland has stated that insurance companies have always advised their customers that they should insure their homes for the rebuilding cost and not the market value. Also, insurance companies advise policyholders at renewal date to check their sums insured for both buildings and contents to avoid over and under insuring.  Both the insurance companies and the Competition and Consumer Protection Commission() advise consumers to consult with the "Guide to House Rebuilding Costs" by the Society of Chartered Surveyors Ireland () which includes a cost calculator to assist them in estimating rebuild costs.