First time I've had to do this as my other IPs are insured by the OCs. The property is a 4+2 house in Sebastopol (Ballarat), built 1975 and what I would regard as good quality construction. Internal floor area 150m2 + double garage under main house roof. RACV cost calculator gives an insurance rebuilding valuation of $437K; I'm paying $285K. I know that the rebuilding cost and the purchase price are two different things, but this still seems a huge difference. Another site which didn't ask all the detailed questions suggested $1400/m2, $1000 for the garage + 10% which makes $286K.
I am planning to insure with Terri Scheer as they will do the landlord's insurance too - any reason not to?
I am planning to insure with Terri Scheer as they will do the landlord's insurance too - any reason not to?
