To be of benefit to subscribers, it is important that the building rates are updated on a regular basis and the latest update was made today.
In addition, the RiskCoach Building Cost Calculator has recently been updated to include information on estimated demolition costs for different types of buildings, which can be accessed from the ‘Demolition Costs’ area on the calculator page.
Traralgon, Victoria has also been added to the list of locations available and the website calculators’ data has now been updated to the most recent figures (October).
Once logged in, you can access the Building Cost Calculator from under the ‘Calculators’ tab at the top of the screen.
The Building Cost Calculator data is kindly provided by Andrew Nock Valuers.
The most important point to keep in mind is that the calculator is an estimate only and should not be used to set a sum insured or declared value but does assist in determining whether a full risk/site specific valuation is required and it is LMI’s strong recommendation to arrange full valuations done as a minimum of every three years.
LMI also provide financial valuations on the business interruption exposure and you are invited to contact your nearest LMI to learn more.