hi, just bought my 1st place for $404000, contracts exchanged, loan docs signed..now i need to get insurance…need to ask how much should i insure the house for? The land is worth about $300k, if the house got burned down or a freak earth quake destroys the house, how much $$$ do i need to build a new house? i got a quick quote from commonwealth bank online and it cost bout $450/year to insure 300k…good deal or not? thanks for ur comments..
I dont know if that’s a good deal, but if I was in your position I’d insure everything for the most I could possibly get. Sure it may cost you a few hundred bucks more, but who knows, one day?…
The only person who could give you an accurate insurance replacement cost would be a QS or Estimator. Send me an e-mail and I’ll see if I can put you in touch with someone near the property.
[email protected]hello Picklesam,
we always check on the cost of local builders to replace the house. At the moment builders in our area are charging around $1000 per sqm for the finished product. We estimate this plus maybe $10000 to demolish the remaining structure.
This should be enough… don’t know never burnt one down…..where’s some wood.
[fire]Matt
I think the Commonwealth Bank have an on-line calculator that can help you put with an educated guess on building replacement cost.
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