Valuations WA are recommended by CHU, Strata Insurance Specialists and other Insurers to provide Building Insurance Replacement Cost Estimates to Strata Companies and private Body Corporates to help them meet their Insurance obligations under the Strata Titles Act. Our services include;
• Residential Building Replacement Costs for Insurance Purposes Eg. For Single Buildings and Strata Title Developments • Commercial Building Replacement Costs for Insurance Purposes Eg. For Office, Factory & Warehouse Buildings and Strata Titled Developments
It is currently a statutory requirement for all Strata Schemes to obtain a valuation for insurance purposes by a Registered Valuer once every 5 years. Most strata managers recommend that a Building Insurance Valuation be obtained at least every 3 years and is some cases each year. This protects against potential loss from under-insurance. 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.
What do I get in a Building Insurance Replacement Cost Report?
Our Building Replacement Costs for Insurance Report was developed in conjunction with Insures and the basis of calculations is as follows:
1. Demolition and removal of debris
2. Rebuilding on a “new for old” basis
3. Design / shire / council and other professionals fees
4. Contingency factor
5. Escalation in construction costs.
We also take into account different cost factors such as location (in more affluent areas or less accessible areas), different types of construction materials and the level of finish.
One of our experienced property valuers are happy to discuss the property valuation you require in more detail. Contact the Office (08) 9242 1611 or send us an email and we'll get back to you.
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