Tax depreciation company BMT have released a free mobile app aimed at helping 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 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.”