Building Insurance Cover

[jatt]

My cousin has just bought a property (first home) and would like to know how much you should insure the property (building) for?

Was purchased 12km outside Brisbane CDB and purchase price was $305K.

thanks
JasonK

 

[kiwipaul]

I generally assume the the land is worth 1/3 and the house 2/3 of the house price.
Get a valuation done
OR
Go onto realestate.com.au and look at the prices for New Homes selecting the area you live in. Select a house comparable to your and add 25% to the cost for ancillary costs.