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Protect Your Valuable Property Investments
With A Building Insurance Valuation From Washington Brown
Avoid Underinsurance
Up to 80% of Australian households are underinsured.
Underinsuring your property means that you could be paying thousands of dollars if your building is destroyed.
An accurate report supports you by making sure that you're insured up to the real replacement cost of your property.
Underinsuring your property means that you could be paying thousands of dollars if your building is destroyed.
An accurate report supports you by making sure that you're insured up to the real replacement cost of your property.
Reduce Your Premiums
You might not just be losing money if you’re not properly insured.
In fact, another common issue is paying for more in insurance than your property's actual replacement cost.
This could result in continuously contributing high premiums that you won’t see returned to you.
With our building insurance report, you might be able to cut down on your premiums and save more!
In fact, another common issue is paying for more in insurance than your property's actual replacement cost.
This could result in continuously contributing high premiums that you won’t see returned to you.
With our building insurance report, you might be able to cut down on your premiums and save more!
Gain Peace of Mind
As a homeowner, you want to rest assured that your residential property is covered in the event of any kind of disaster.
With our building insurance valuation reports, you can rest easy knowing that you’re not going to spend money out of pocket should your home be subjected to fires, natural disasters, or other major events.
With our building insurance valuation reports, you can rest easy knowing that you’re not going to spend money out of pocket should your home be subjected to fires, natural disasters, or other major events.
What is a Building Insurance Valuation?
A Building Insurance Valuation estimates the total replacement cost of your property, in the event that it is damaged or destroyed in a fire, storm, or other circumstances.
This professional valuation ensures you have the correct amount of coverage to rebuild the property to its existing state.
Knowing how much insurance coverage you need is the only way to ensure you can completely restore your property and not be significantly out of pocket.
This professional valuation ensures you have the correct amount of coverage to rebuild the property to its existing state.
Knowing how much insurance coverage you need is the only way to ensure you can completely restore your property and not be significantly out of pocket.
How Does Underinsurance Impact Me?
According to the Australian Securities and Investment Commission, up to 80% of Australian households are underinsured. That means their total insurance coverage is less than the realistic cost to rebuild the property.
In such cases, if the property is destroyed, the homeowner will need to pay for the additional repair/replacement costs.
However, underinsurance can also reduce the payout when only part of the property is damaged. If you have not insured your house for its full value, your insurer may have the right to reduce any payment in proportion to the level of underinsurance.
This example shows the impact of underinsurance on a house after a storm.
Why Are So Many People Underinsured?
A report by Swiss RE, revealed that property risk in Australia remains underinsured, with an annual loss of $4.49 billion dollars. In most cases, it's not that property owners are without insurance - they simply don't have the correct sum insured to cover replacement.
Property owners are most often underinsured because:
1. They have used a web calculator to determine the rebuild cost
2. They have not considered the "hidden costs" of rebuilding a house
Property owners are most often underinsured because:
1. They have used a web calculator to determine the rebuild cost
2. They have not considered the "hidden costs" of rebuilding a house
Website Building Cost Calculators
You have likely used an online building cost calculator when initially applying for your insurance.
While these calculators can provide a ball-park rebuild cost, they don't consider all of the unique characteristics of your property and site, and often provide a wide estimated range with many disclaimers.
We took a few of the common online calculators for a test-drive.
Using real property data, we compared their results with our own estimates, see the results here.
While these calculators can provide a ball-park rebuild cost, they don't consider all of the unique characteristics of your property and site, and often provide a wide estimated range with many disclaimers.
We took a few of the common online calculators for a test-drive.
Using real property data, we compared their results with our own estimates, see the results here.
The Hidden Costs of Rebuilding
There are many "hidden" costs of property damage recovery, over and above the typical costs of new construction.
Scroll through the slideshow to see examples of how repairs can quickly add up to more than you expected or are insured for.
The one simple thing you can do to prevent these financial problems is get a thorough and accurate building insurance valuation so you get the right amount of coverage.
Scroll through the slideshow to see examples of how repairs can quickly add up to more than you expected or are insured for.
The one simple thing you can do to prevent these financial problems is get a thorough and accurate building insurance valuation so you get the right amount of coverage.
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