Are you sure that your property is insured?

Article provided by NBtax


By Chris Page
For the past thirty years at Napier & Blakeley we have worked across all property sectors, combining our technical skills and significant national property advisory resources to provide Reinstatement Cost Assessments for property owners big and small who own single properties and those with high value property portfolios.
This year Napier & Blakeley introduced NBtax by Napier & Blakeley to the world. NBtax, an online based service which enables everyday property investors and owners alike to be comfortable from the second they take possession of their new property investment – with the help of a Condition Assessment through to Property Tax Depreciation Schedules and of course Reinstatement Cost Assessments.
A Condition Assessment is at times vital for new property owners to give them peace of mind during the settlement process. An NBtax Condition Assessment will take note of the ‘as built finish’ of your property. From our initial review of the purchase documentation, contract of sale and specifications, we have a unique understanding of what was agreed to be built and purchased.
To ensure you may get the most from your property investment it’s useful that you have a professionally prepared Property Tax Depreciation Schedule. Having an NBtax Property Depreciation Schedule will give you the peace of mind knowing that come tax time, you have the power to minimise your tax payable and maximise your cash return!
Some Australian Insurance brokers will value your required insurance level according to the purchase valuation of your property. However this is not always the most appropriate level of insurance.
A Reinstatement Cost Assessment, prepared by a Quantity Surveyor is important in ensuring that property is adequately insured. Carrying out a Reinstatement Assessment is a technical exercise which requires detailed knowledge in construction cost and project management. NBtax by Napier & Blakeley has national expertise in Development Advisory and Construction Quantity Surveying over the past thirty years makes NBtax the trustworthy decision. NBtax provides a comprehensive, cost effective and consistent service across Australia.
What makes an NBtax by Napier & Blakeley Reinstatement Cost Assessment so valuable is that our assessments are based on elemental building costs rather than generic average rates
Accuracy is important in this instance. All too often investors over value their required level of insurance which increases the cost of coverage, and worse, investors are sometimes caught short with insurance coverage that doesn’t meet the reinstatement costs.  
All too often property owners incorrectly insure their property, whether it be under insured or over insured. Having your property insured for its purchase price may seem like the right choice, but will it cover the actual cost to rebuild? 
In the event of insurable damage, NBtax can also advise property owners in determining the scope and amount of a claim to be submitted, as well as prepare and administer building contracts for repairs and construction.
As a property owner whether it’s your investment, your home or business, having insured your property according to an NBtax Reinstatement Cost will give you the power to ensure you’re adequately insured.
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Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.

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