Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Why is the value given for my house (or duplex / strata building) in my insurance policy higher than the property tax assessment?

April 26, 2017assessment building DUPLEX given House insurance policy Strata value

0

Posted

Why is the value given for my house (or duplex / strata building) in my insurance policy higher than the property tax assessment?

1 Answer

0

Posted

Building insurance is calculated on the replacement cost of the dwelling. Replacement cost is the estimated amount of money it would cost to rebuild the house in the current market. Replacement cost reflects current building material and labour costs.