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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The cost of underinsured properties

By Cameron Micallef

October 29 2019
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The cost of underinsured properties

By Cameron Micallef
October 29 2019

Australian home owners are underinsured by up to 66 per cent, according to new research, which has the potential to cause devastating financial loss for individuals who find themselves needing to file a claim.

The cost of underinsured properties

By Cameron Micallef

October 29 2019
Share

According to MCG Quantity Surveyors, Aussies are risking hundreds of thousands of dollars by underinsuring their property.

It has led to director Marty Sadlier raising the alarm about checking for insurance cover, especially as the bushfire and flood season approaches.

“This epidemic of underinsurance could prove totally shattering, and is due almost entirely to the ongoing use of web-based insurance calculators,” Mr Sadlier said.

Not only are the calculators constantly making mistakes, but oversimplified tools exclude fundamental components of insurance that could amount to thousands more dollars being lost in the event of a claim.

Mr Sadlier said that “the problem is compounding after decades of being ignored, despite warnings across the insurance and construction industry”.

Using the example of a new build in Airds, NSW, the company said it had calculated the total cost of construction including demolition, removal of site debris, allowances for cost escalation and consultant fees to be $668,559.

Running the sums through five popular web-based calculators, the company found the lowest assessor gave an insurance value of $226,160.

The highest was $535,000 — which would have left 20 per cent of the property’s value uninsured.

In MCG Quantity Surveyors’ experience, this example is not an isolated one, with Mr Sadlier noting that if these results were extrapolated, the outcome would be devastating for home owners in need.

“Given the extreme results we’ve observed, any home owner relying on online calculators could be in dire financial straits after a major insurance event,” Mr Sadlier said.

MCG said the problem of underinsurance has been decades in the making, but there’s been minimal progress in remedying the situation.

“Unfortunately, little has been done to take these calculators to task and, in fact, customers are being increasingly advised to use them by insurance companies and even government departments,” Mr Sadlier concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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