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Australian tax depreciation specialists BMT have released a free application designed to protect home owners from the dangers of being underinsured for the rebuilding of their properties.
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New app to reduce risk of underinsuring
24 August 2015
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The BMT RepCost app, launched via the Apple App Store and Google Play, provides estimated costs for demolition, debris removal and construction.
“The app provides valuable support for property owners because it can give a maximum and minimum estimated cost for fully replacing a home,” said Brad Beer, BMT chief executive officer.
ASIC dictates that a property owner is considered to be underinsured if an insurance policy covers less than 90 per cent of the costs to rebuild.
Mr Beer stressed that underinsuring is a risk of which home owners need to be aware, and so accurate advice is a necessity.
“Underinsuring a property is often unintentional because it can be very difficult to estimate all the costs involved in replacing the property and all of the assets it contains,” he added.
Mr Beer concluded that “the effects of a disaster or accident are great enough, so it’s certainly not worth adding underinsurance to your list of problems”.
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