The controversial sliding scale is set to be dropped from the new Mica Redress scheme, but homeowners may still be out tens of thousands of euro.
The sliding scale model, which was based on square footage, is now expected to be replaced by a list of estimated rebuild costs for eight different types of houses ranging from an 800 square foot two-bed terrace estate house to a 3,300 square foot five-bed house in a rural area.
The proposed model was set out by the Society of Chartered Surveyors Ireland (SCSI) in recent days, ahead of their final report on 28th February.
However, the Mica Action Group calculate that homeowners will still be out “tens of thousands of euros”.
Micahel Doherty, PRO of MAG, told Newstalk Breakfast: “There’s caps right, left and centre – as they’ve done in the old 90/10 scheme, which made it a 60/40 scheme.
“The devil’s in the detail, we’ve said that all along, and what we’re dealing with here now is a 100% headline. But underneath that families will still be out tens of thousands of euros.
“There’s exclusions within it already… The cap of 420,000 that’s in there sounds like a lot of money, until you actually go and work with today’s building costs”.