Welcome to Building Insurance Valuations.
Specialising in strata residential and commercial compliance for insurance purposes.
We also value industrial, retail and rural properties.
We apply local knowledge and decades of experience to remove the guesswork from calculating the correct sum insured.
Instruct Building Insurance Valuations for full compliance with the Strata Schemes Management Act.
With the increase of natural disasters, including bushfires and increase in storm activity, can you and your clients afford to be under-insured?
It is currently a statutory requirement for all Strata Plans to conduct a valuation for insurance purposes by a Registered Valuer or quantity surveyor once every 5 years. Good strata managers recommend that a Building Insurance Valuation be obtained at least every 3 years. This protects against potential loss from under-insurance.
House owners should also be prudent enough to ensure that their sum insured is adequate by obtaining a periodic updated Building Insurance Valuation.
A recent ASIC (Australian Securities & Investment Commission) report has proved that current methods of calculating building replacement costs are inadequate. In cases of under-insurance the property owner bears the cost of that under-insurance (called co-insurance) and has no recourse against the insurer due to section 44 of the Insurance Contracts Acts.
ASIC continues to monitor the problem of underinsurance with the help of the Insurance Council of Australia, see ASIC Report January 2007 - 07-15 Home insurers making improvements to reduce underinsurance.
We consider that the best solution is to have an annual inspection by a registered valuer to ensure that your sum insured keeps up to date with the market changes in building costs.
Our Principal Valuer has over 23 years of experience in valuation of all types of real estate, from the largest property transactions in Australia to the smaller suburban cottage.