It is no longer a legal requirement to get your building valued for insurance purposes at least once every five years. It is however worth doing so that you have peace of mind that the property is insured for the correct amount.
Valuations TAS value different property types for insurance purposes including:
Residential property;Commercial property;Industrial property;Retail property;Strata property.
The valuations we provide for building insurance purposes are Certificates of Value, which contain a full breakdown of the cost to replace the buildings.
Despite it no longer being a legal requirement to periodically get your property valued for building insurance purposes, a large number of our clients do so more frequently. They do so as part of their risk management strategy. Property prices can fluctuate by as much as 25% in a year. That means that over or underinsurance is a huge risk for property owners.
While over insurance simply means that you are paying too much for your insurance policy, under insurance is more complicated and can have ramifications if something happened to your building during the course of ownership.
The impact of under insurance is that the insurance company could use the “co-insurance” clause in the policy and only pay a percentage of the real replacement costs. That would leave the shortfall to be paid by the owner or the strata manager if it was found that they were negligent by not getting their building insurance valuation updated.
We believe that a good strata manager will get the building they manage valued by a registered valuer at least once every three years, and in some cases annually. Doing so means that your insurance policy will be up to date and accurate protecting you from the potential losses that may arise from under insurance.
As professional property valuers, we will listen to your instructions and will then inspect the property at a convenient time with particular attention to the materials used and the quantity required to completely replace the building. We will also take photos that show the improvements the local area.
After we’ve completed the valuation, we will provide you with three copies of a Certificate of Value (one bound, one unbound and a PDF version).
We are registered with the Australian Property Institute (API) and all of our Valuers are registered so they can complete the valuation without limitation.
The final valuation report that you receive will include a cost analysis that refers to the demolition costs, council rates and other fees, construction costs, GST and other elements used to construct a building. It will also factor in the location, the construction materials etc.
Valuations TAS Valuers have a minimum of 15 years local experience valuing properties for insurance purposes and aspire to inspect your property within 48 hours of your enquiry. We will then complete the valuation report 3-5 business days after that.
To organise a time for an inspection, call our friendly staff on (03) 6169 2559.