My tenanted rental property was recently burnt in a accidental fire. My landlord insurance policy (ANZ/QBE), has offered us a cash settlement of $154k. The policy cover is
Building $205,450
Contents $14,000
Rental Loss $52,000 (12 months)
Both builders assigned by the insurance company has quoted approx. $195k to fix the property, and I suspect the contents will be above the $14k. There is approx. $5-$8k of items mis-quoted/not included, that will need to be added to the builders quote. This will make the insurance claim close to the $205,450 insured value.
The insurance assessor said that with a cash settlement, the builders profit is deducted (?) plus other items like temporary fence, idles license etc...., and they have given us a offer of $154K......that doesn't seem fair, as the value to get the property back to the market is probably more then the insured value as we will need to redo the garden etc...as this isn't included in the insurance policy, and we had not access to water/electricity and the summer hear has killed most of the plants.
I would appreciate some clarification, and direction to understand this.
Thank you in advance.
Building $205,450
Contents $14,000
Rental Loss $52,000 (12 months)
Both builders assigned by the insurance company has quoted approx. $195k to fix the property, and I suspect the contents will be above the $14k. There is approx. $5-$8k of items mis-quoted/not included, that will need to be added to the builders quote. This will make the insurance claim close to the $205,450 insured value.
The insurance assessor said that with a cash settlement, the builders profit is deducted (?) plus other items like temporary fence, idles license etc...., and they have given us a offer of $154K......that doesn't seem fair, as the value to get the property back to the market is probably more then the insured value as we will need to redo the garden etc...as this isn't included in the insurance policy, and we had not access to water/electricity and the summer hear has killed most of the plants.
I would appreciate some clarification, and direction to understand this.
Thank you in advance.