Property Insurance
Why Australia is facing a ‘devastating insurance crisis’ this summer
A national property firm has warned that Australia is facing a “devastating insurance crisis” as this summers triple-dip La Nina threatens to financially ruin underinsured homeowners. MCG Quantity Surveyors, which has offices in Brisbane, Sydney, Melbourne, Newcastle, Adelaide, Perth and Canberra, said that a combination of factors could lead to “one of most financially devastating”…
Read MoreThe Danger in Errors in Property Insurance
I love a good pub trivia quiz. A few guesses, a few beers, and a catch up with mates. Unfortunately some people apply the same method to working out their property insurance. A bit of a guess, maybe some tips from a valuer, and possibly even an online calculator. The truth is, there’s a bit…
Read MoreDavid Lost Everything A Real Life Case Study
Underinsurance is a real problem for many Australians. Very real. Let’s face it. How do you really know if your assessment of the current building replacement value of your property is accurate? David, a property owner and business owner, thought that his insurance cover was appropriate. At the very least he thought it would be…
Read MorePercentage Of Home Owners That Have No Insurance At All
If there’s one silver lining out of the arduous lockdowns experienced during COVID, it’s that the rate of house break-ins has dropped. As painful as they have been, stay-at-home orders have correlated with an average 37% reduction in crime around the world, according to an international study endorsed by the University of Queensland. It’s a…
Read MoreEnsuring your home is adequately insured – What you need to know
Please raise your hands if you have received the “Dear Local resident” letter in the mailbox offering you the free property appraisal on your property? Yes, it appears we have all had one at some point in time. Today one of our staff brought in one such letter and showed it to me and asked:…
Read MoreWrapping up the year with Data, Dance Floors, and Depreciation
Our year started on a high, coming off the back of a massive win for MCG. Landing a position on the Financial Review’s top 100 of fastest-growing businesses, we hit the ground running! Mike Mortlock and Mitch Ford completed their much-anticipated triathlon, with over $2k raised for Heartkids, a charity helping those affected by congenital…
Read MoreBushfires & Floods – The cost of a Natural Disaster to home owners
Australian Research In 2000, the Construction Data division of Reed Business Information Systems (Reed) surveyed 1000 randomly selected homeowners. They concluded that: 87% of homes were under-insured by any amount The average level of under-insurance was 34% In 2002, the Insurance Council of Australia conducted a survey of seven companies sharing 80% of the home…
Read MoreTax Depreciation Calculators – Is there merit in the estimates?
Google is telling us that more and more people are searching for a ‘tax depreciation calculator’. Admittedly, this search ranked well below the top 2016 result of ‘US Election’ and even a few million short of number 6 ‘Pokemon Go’. Putting the self-deprecating Quantity Surveyor stuff to the side for a moment, searching for an…
Read MoreCombined Capital City Dwelling Values up, led by Sydney & Melbourne
Sydney and Melbourne continue to post strong results, showing a consistent 1% growth per month in dwelling values, with the sum of regional areas relatively flat. In Sydney and Melbourne, cumulative growth in dwelling values over the cycle (June 2012 to date) now stands at 64% in Sydney and 44% in Melbourne.This result highlights the…
Read MoreHome Insurance Shortfalls and the Impact of Recent Natural Disasters in Australia
Recent events in Australia have shown the devastation that natural disasters are capable of. Between the Queensland & Victorian floods and the NSW bushfires, Australians have come to see just how important adequate home insurance is. These disasters have also highlighted an epidemic of under insured home owners in Australia. Let’s take a look at…
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