Fears housing boom and rising building costs have created a plethora of underinsured properties

Homeowners are being urged to use online insurance calculators to determine if they are adequately covered should their be destroyed. Picture: Supplied

Queensland homes may be heavily underinsured because of the property boom and soaring building costs with owners urged to immediately review their policies, industry experts warn.

In addition to an almost six per cent rise in the median Brisbane house price year-on-year, the cost of new builds has risen dramatically.

Master Builder’s deputy CEO Paul Bidwell says there has been a five to 10 per cent increase in building costs over the past six months and that could easily hit 15 per cent by December.

A shortage in supply of key construction materials, especially timber, has caused a…

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