Tax depreciation specialist BMT has released a new app aimed at helping property owners reduce their risk of being underinsured during the rebuilding of their homes.
Available now, the RepCost app gives users estimated costs of demolition, debris removal, and construction.
It comes after ASIC declared that a property owner is considered to be underinsured if an insurance policy covers less than 90 per cent of the costs to rebuild.
“Underinsuring 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’s chief executive officer, 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.”
Mr Beer noted that the app is particularly convenient for those who have to unexpectedly rebuild their homes.
“The effects of a disaster or accident are great enough – it’s certainly not worth adding underinsurance to your list of problems,” he said.
RepCost is available through the Apple app store for iPhones and via Google Play for Android devices.