Hello all.
I’m looking at building and landlord insurance for a residential IP.
As part of premium determination an estimate of building replacement/rebuilding is required. Some insurers have calculators on their websites to determine this value but I have found that, despite asking the same questions, the values tend to vary significantly. i have tended to go for the larger figures in the past (better safe than broke, I say)
I realise that there are many factors to consider but has anyone out there found a reliable calculator or formula for accurately determining rebuilding costs?
Cheers,
Art‘Great spirits have always encountered violent opposition from mediocre minds.’ – Albert Einstein
Hi
Cost of reinstatement will vary due to location and market conditions etc eg Far NQ after cycllone wld be dearer. Also factor in improvements-eg fence, carport. Calculators are just a guide and best get a builder to estimate. Generally say $1000 per m2 for brick veneer. Landlords cover can include loss of rent as well
Remember, allow for removal of debris, etc ie all costs related to rebuilding after a totAL LOSS.I read that an extension is $2,000 m2. (It may be more as it is more fiddly but I use this amount as an estimate).
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