Insurance - Building Sum Figure

Discussion in 'Property Management' started by bread_boy, 26th Jan, 2017.

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  1. bread_boy

    bread_boy Well-Known Member

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    Hi Folks!

    Just wondering how everyone here calculates their 'Sum Insured' figure for their building insurance?
    Do you guys determine based on buy price? Val price? speak to your own builder? Any other method?

    Also, do you guys add on costs such as rubbish removal, demolition, architect fees, etc?

    Cheers

    BB
     
    bread_boy, 26th Jan, 2017
    #1
  2. Joynz

    Joynz Well-Known Member

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    Some insurers have calculators online.
     
    Joynz, 26th Jan, 2017
    #2
  3. bread_boy

    bread_boy Well-Known Member

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    Do you find those calculators always give an inflated figure?
     
    bread_boy, 26th Jan, 2017
    #3
  4. Joynz

    Joynz Well-Known Member

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    Melbourne
    Yes. However, they allow for modern day finishes, driveway etc in the case of the need for a total replacement.

    I always remove about $25,000 off the replacement value they say.

    However, you've got to be careful not to underinsure either.
     
    Joynz, 26th Jan, 2017
    #4
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