Australia’s leading tax depreciation specialists, BMT, have released a free app that could help thousands of Australians reduce their risk of being under-insured for the rebuilding of their homes.
The BMT RepCost app is available at the Apple App Store for iPhone or via Google play for Android devices and is a useful tool for combating underinsurance because it can calculate the cost of rebuilding a house.
According to the Australian Securities & Investments Commission, a property owner is considered to be under-insured if an insurance policy covers less than 90 per cent 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 contained,” said BMT Chief Executive Officer, Brad Beer.
“The app provides valuable support for property owners, because it can give a maximum and minimum estimated cost for fully replacing a home.
“The effects of a disaster or accident are great enough and it’s certainly not worth adding underinsurance to your list of problems,” concluded Brad Beer.
The estimations of cost provided by the app include the costs of demolition, debris removal, and construction.
Home owners or property investors who would like to watch a video about RepCost or download the app to estimate the true cost to replace their property can click do so by clicking here.
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BMT Tax Depreciation