Insurance
Valuations
Overview
It pays to protect your property and reduce the risks to all members or your owners corporation. This means understanding the reinstatement and replacement value of your asset and ensuring you have appropriate cover to mitigate risks associated with losses. By having an accurate insurance valuation of your property, you will be confident that you have the correct sums insured therefore avoiding the risk of being under insured and the unnecessary costs of being over insured.
So how does it work?
When compiling a reinstatement and replacement insurance valuation we always conduct a full property inspection but can be limited in terms of access to some areas. All common areas will be inspected, and any private lot/s made available at the time of inspection. To calculate the area of the building, measurements will be taken on site which will be cross referenced with any available construction drawings or the plan of subdivision as required. From here the report will be prepared detailing the construction methods adopted, and a total reinstatement and replacement cost schedule will be presented. Included in the reinstatement and replacement schedule will be the replacement value, demolition and removal of debris, escalation for the reinstatement period, professional fees and the escalation over lapse period. An estimate in loss of rent/temporary accommodation will also be provided.
What are the benefits?
It is not difficult to ensure that your property is adequately insured. By having an up to date reinstatement and replacement insurance valuation, your insurance your property using the provided reinstatement and replacement cost of your building. This will give you peace of mind that you will not be exposed in the event of a loss at the property and that you are not paying excessive premiums for being over insured. If you do suffer a loss your claim will be fast tracked as there will be no disputes around the insured value of your important asset. By having an insurance valuation report you will also have higher bargaining power when it comes time to renew your policy.
How long will it take to complete my insurance valuation?
Your insurance valuation will take approximately three to five working days to complete once the site inspection has been organised and completed. PT Property Reports will normally organise the property inspection with your strata manager managing agent.
How much will a reinstatement and replacement insurance valuation cost?
The cost for your insurance valuation varies depending on the type and the location of your property. Generally speaking, the more lots your building has the higher the cost. Our insurance valuations start from $400 plus G.S.T for Melbourne, Sydney and Brisbane metro areas. We will travel to regional areas and the west coast upon request. We also have set fee schedules for strata managers reference to save time as you will not need to request a quote for each property.