Thank you to our friends at Rothbury Insurance Brokers for the timely reminder to check if you have your home insured for the actual cost of reinstating the same should it be destroyed or damaged by fire, earthquake, or other disasters.
Homeowners have an obligation to nominate the reinstatement value of their homes when taking out or renewing their home insurance. Often homeowners will use an online calculator or at worse try to guess what the reinstatement value might be based on a square meter rate build cost.
We have all heard that such rates have risen dramatically in the past two years, but how many of us have adjusted our reinstatement values in our insurance policies to take account of this?
It is our advice that homeowners should look to review their reinstatement values and double check with a local builder, architect, or quantity surveyor if your nominated reinstatement sum is realistic in today’s market.
Our expert Property team at TODD & WALKER Law are available to assist if you have any questions about how this may apply to your home. Contact us on firstname.lastname@example.org or 03 441 2743.