Hi all,
I am just sorting out all the details on my first I.P. – I have taken out landlords and home insurance however I have no idea how much I need to insure for. I chose $200,000 for no particular reason, however I was hoping some one may be able to let me know if I should amend this amount.
The property is a fully renovated 3 bed 1950's timber cottage. I paid $303,000 for the property and would appreciate any guidance.
Thanking you all in advance.
Work on around $12-15k per square for a total rebuild.
You can insure for more than it's worth to a degree, but then you have a more expensive premium.
Then again, it's a tax deductible expense, so; over-insure if in doubt.Hello Glasco,
I am sure you can go to few insurance web sites and use their calculators, maybe a suggestion to, if you go to archicentre's web site, they have up to date info on rebuilds and costsing per sq metre, as LA pointed out.
Its safer to over insurer a little than be out of pocket and dire straights.
Cheers
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