Is Your Home Underinsured?: Australia's Worsening Underinsurance Problem #251

With Australia being prone to natural disasters, you’d think that most homeowners would be more proactive in building disaster resilience.

Unfortunately, according to a Climate Council report, the country is facing an ‘insurability’ crisis with one in 25 homes on track to be uninsurable by 2030. 83% of Australian properties are also underinsured.

…And inflation and the rising costs of building and insurance aren’t making things any easier for property owners.

Marty Sadlier, director of MCG Quantity Surveyors, joins us today to talk about Australia’s underinsurance problem–what are the factors that are worsening the situation and what is your responsibility as a property owner?

If you enjoyed the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at questions@theelephantintheroom.com.au!

See you in the episode!


Episode Highlights:
• Welcome to The Elephant in the Room! [00:00]
• Environmental factors that affect property insurance [02:09]
• How much should you insure your property for? [11:13]
• Ways you can be underinsured [15:01]
• A solution to Australia’s widespread underinsurance issue [23:36]
• Rising cost of building infrastructure [30:51]
• Problems in the building industry [37:38]
• Buyer’s borrowing capacity and responsible lending [41:16]
• Australians’ short-term memory [44:10]
• The real cost of mandatory inspections [45:52]
• The responsibility of the property owner [53:57]
• What are the things that people don’t realize are not covered by insurance? [56:56]
• Marty’s Property Dumbo [01:00:22]


About our Guest:
Marty Sadlier has over 20 years experience in the building and construction industry, commencing his career as a shop fitter/carpenter. He is a RICS certified expert witness, a Certified Quantity Surveyor (CQS) and sits on the interviewing panel for Australian Institute of Quantity Surveyors (AIQS).

Links from the show:
• Episode 164 | Australia’s underinsurance epidemic: 83% underinsured!?
(https://www.theelephantintheroom.com.au/podcasts/164)


Connect with Us:
• Looking for a Sydney Buyers Agent? www.gooddeeds.com.au
• Work with Veronica: https://linktr.ee/veronicamorgan
• Looking for a Mortgage Broker? www.wealthful.com.au
• Work with Chris: hello@wealthful.com.au
• Send in your questions to: questions@theelephantintheroom.com.au


Find this episode on our website:
https://www.theelephantintheroom.com.au/podcasts/251


If you’ve enjoyed this episode, don’t forget to like, share, rate and subscribe for more!

The Elephant in the RoomProperty PodcastChris Bates