Did you know that 83% of Australians are under-insured on their properties?
Protecting your property investment
Did you know that 83% of Australians are underinsured on their properties?
That’s because insurance is typically based on the purchase price of the property or an outdated valuation assessment, but these often don't take into account all the additional costs in the event of substantial destruction to your property.
Did you also know that if you are under-insured, insurance companies may only pay out a pro-rata amount of the damage? This may mean the difference between being able to rebuild your property or having to compromise for a lesser replacement.
An accurate replacement cost estimate will ensure you have all the information you need to adequately insure your property. These reports estimate the actual cost to rebuild an asset, allowing for other often overlooked factors such as demolition, professional fees and cost escalation.
Without an assessment of the accurate cost, you could be either over-insuring your property and paying too much for insurance, or more than likely, under-insuring and not having enough coverage in the event of damage or loss.
Disasters can and will occur to many buildings and infrastructure assets during their lifetime, with fire being the main risk. However, depending on location, your property could be subject to other risks such as floods, hailstorms or cyclones, resulting in devastating and costly damage.
The last thing you want to have to think about when your property has been damaged, is whether or not you can afford to rebuild. Knowing that your insurance is based on an accurate replacement cost estimate will enable you to get on with rebuilding your home, property or business, exactly as it was in the shortest possible time.
MCG Quantity Surveyors will ensure that the cost to replace your asset is accurately identified for insurance purposes.
Replacement cost estimates cover:
- Demolition and removal of debris, including asbestos, of the original structure
- Cost of reconstructing a new building, including any planning requirements
- Consultants fees and preliminaries
- Escalation costs
Before you buy a property
You can’t just rely on the insurance currently being paid by the vendor.
In the same way you would complete due diligence on other operational items such as rent and maintenance expenses, it’s crucial that you understand the complete replacement cost of a building and its effect on insurance premiums before you buy.
MCG Quantity Surveyors can help you obtain an accurate projection of ongoing insurance costs prior to an acquisition.
Correct insurance coverage for the property that you own
The value of your property will change over time and it’s important to make sure that your insurance keeps pace with these changes. Be confident that you are adequately insured at all times with an up to date replacement cost estimate from MCG Quantity Surveyors.
Helping you sell when the time is right
Selling your property can be a complicated process. Demonstrating the accurate costs to replace the asset in a worst case scenario of total or partial loss, can streamline the sale, and get money in your pocket, faster.