Tax depreciation company BMT have released a free mobile app aimed at helping thousands of Australians reduce the risk of being under-insured for the rebuilding of their homes.
The BMT RepCost app is available at the Apple App Store and works to combat under-insurance by calculating the cost of rebuilding a house.
BMT says the estimations of cost provided by the app include the costs of demolition, debris removal, and construction.
According to ASIC, a property owner is considered to be under-insured if an insurance policy covers less than 90% of the costs to rebuild.
“Under-insuring 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,” BMT CEO, Brad Beer said.
“The app provides valuable support for property owners because it can give a maximum and minimum estimated cost for fully replacing a home.”
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
st kilda west
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out