Did you know that 83% of Australians are under-insured on their properties?
*Courtesy of The Insurance Council of Australia
That’s because insurance is typically based on the purchase price of the property or an outdated valuation assessment. In addition to this, often the valuation assessment doesn’t consider all the costs that would be incurred should an insurable event occur.
Being under-insured can result in only receiving a partial insurance payout, potentially affecting your ability to fully rebuild the buildings and structures on the property.
Our Insurance Replacement Cost Plan (IRCP) reports provide accurate estimates of replacement costs to ensure that the property is adequately insured and include those often-neglected factors like demolition, design consultant fees, Council fees and cost escalation.
Being under-insured can result in only receiving a partial insurance payout, potentially affecting your ability to fully rebuild the buildings and structures on the property.
Our Insurance Replacement Cost Plan (IRCP) reports provide accurate estimates of replacement costs to ensure that the property is adequately insured and include those often-neglected factors like demolition, design consultant fees, Council fees and cost escalation.
What costs do we include in our IRCP reports?
Building Costs
The costs for replacement of the building structures on site.
Demolition
The costs for the demolition and removal of existing buildings & structures off site.
Site Works
Otherwise known as external works and includes driveways, walkways, fencing, landscaping etc.
Consultant Fees
An allowance for all external consultants during construction including architects, engineers, council fees, etc.
Escalation Period
Allowance for the price increases according to the BPI over the period from disaster to re-possession/occupancy of the building.
Building Costs
The costs for replacement of the building structures on site.
Demolition
The costs for the demolition and removal of existing buildings & structures off site.
Site Works
Otherwise known as external works and includes driveways, walkways, fencing, landscaping etc.
Consultant Fees
An allowance for all external consultants during construction including architects, engineers, council fees, etc.
Escalation Period
Allowance for the price increases according to the BPI over the period from disaster to re-possession/occupancy of the building.
Insurance Replacement Cost Plan FAQs
What is an IRCP?
An IRCP (Insurance Replacement Cost Plan) is paramount in determining how much you should insure your property for. Whether it be a residential dwelling, a commercial property, retail or industrial. Within this video, we outline why understanding the correct sums insured is vital for all property owners.
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Why should you get an IRCP?
We see the dire ramifications of underinsurance far too regularly when property owners realise, ultimately, they were underinsured. Property owners must eliminate the exposure of being underinsured and understand why adequate insurance cover is essential. We list some of the common consequences in this video.
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How do we prepare an IRCP?
If you are interested in our process and just how simple it is to ensure that you are not underinsured, then watch this video of how easy it is to work with us and what happens once you accept our fee proposal.
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What is the site inspection process?
What will our inspector be doing at your property? This depends on the type of property and documentation provided. We break up the two most common scenarios we face when being engaged by a client to undertake a site inspection in this video.
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What costs are included?
When estimating the replacement cost of a property, there are several different costs which must be considered to ensure the property is adequately covered. We briefly summarise these within this video to show what should be included.
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What are consultant fees, and how do they vary for different projects?
When estimating the replacement cost of a property, there are several different costs which must be considered to ensure the property is adequately covered. We briefly summarise these within this video to show what should be included.
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How do we handle cost escalation?
In most cases, there is a large time period between the date a disaster takes place and the date your property is rebuilt. As construction costs are always rising, in this video we unpack the need for forecasting cost escalations and why they must be considered in your insurance cover calculations.
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Why should an IRCP be done by a Quantity Surveyor?
A Quantity Surveyor's expertise is in qualifying and quantifying construction costs. Quantity Surveyors are the only profession that professionals such as Insurance Brokers, Builders, Property Developers, Architects and Financiers rely upon for construction costs.
What is an IRCP?
An IRCP (Insurance Replacement Cost Plan) is paramount in determining how much you should insure your property for. Whether it be a residential dwelling, a commercial property, retail or industrial. Within this video, we outline why understanding the correct sums insured is vital for all property owners.
arrow_drop_down_circle
Divider Text
Why should you get an IRCP?
We see the dire ramifications of underinsurance far too regularly when property owners realise, ultimately, they were underinsured. Property owners must eliminate the exposure of being underinsured and understand why adequate insurance cover is essential. We list some of the common consequences in this video.
arrow_drop_down_circle
Divider Text
How do we prepare an IRCP?
If you are interested in our process and just how simple it is to ensure that you are not underinsured, then watch this video of how easy it is to work with us and what happens once you accept our fee proposal.
arrow_drop_down_circle
Divider Text
What is the site inspection process?
What will our inspector be doing at your property? This depends on the type of property and documentation provided. We break up the two most common scenarios we face when being engaged by a client to undertake a site inspection in this video.
arrow_drop_down_circle
Divider Text
What costs are included?
When estimating the replacement cost of a property, there are several different costs which must be considered to ensure the property is adequately covered. We briefly summarise these within this video to show what should be included.
arrow_drop_down_circle
Divider Text
What are consultant fees, and how do they vary for different projects?
Consultants are a large part of the redesign, planning and construction of a new building. In this video, we explain why the costs for architects, engineers, designers, town planners, council fees and approvals must be considered in your insurance cover.
arrow_drop_down_circle
Divider Text
How do we handle cost escalation?
In most cases, there is a large time period between the date a disaster takes place and the date your property is rebuilt. As construction costs are always rising, in this video we unpack the need for forecasting cost escalations and why they must be considered in your insurance cover calculations.
arrow_drop_down_circle
Divider Text
Why should an IRCP be done by a Quantity Surveyor?
A Quantity Surveyor's expertise is in qualifying and quantifying construction costs. Quantity Surveyors are the only profession that professionals such as Insurance Brokers, Builders, Property Developers, Architects and Financiers rely upon for construction costs.
Working with MCG Quantity Surveyors
SYDNEY | MELBOURNE | BRISBANE | ADELAIDE | CANBERRA | PERTH | NEWCASTLE
SYDNEY | MELBOURNE | BRISBANE
ADELAIDE | CANBERRA | PERTH
NEWCASTLE
ADELAIDE | CANBERRA | PERTH
NEWCASTLE