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That’s because insurance is typically based on the purchase price of the property or an outdated valuation assessment, but these often don't take into account all the additional costs in the event of substantial destruction to your property.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.