Cost of bricks increases
As predicted (see http://www.allanmanning.com/?p=1350) the cost of many building materials has increased since July 1 due to the Carbon Tax.
The latest that I am aware of is clay bricks which have increased by $40 per 1,000 by some manufacturers. What I found interesting is that as the ACCC is taking such a keen interest in all things Carbon Tax, the manufacturers I spoke to said the cost increase was due to increases in transport costs.
What ever the reason it is important that brokers advise their insureds that building costs continue to increase and it is necessary to review their insurances every year to avoid co-insurance.
Remember that LMI provide a free iPhone app which has both a free under insurance and building cost calculator. Go to the apps store and search on LMI Mobile.