Insurance Replacement Valuations
What is an Insurance Replacement Valuation?
An Insurance Replacement Valuation is an assessment of the building replacement costs in the event that your building is destroyed or deemed a total loss. The report estimates the actual cost to rebuild the building as at the time of the valuation and is needed to ensure that you have adequate insurance cover should the event arise.
Do I Need One?
If you are property owner, whether its residential or commercial, you need an Insurance Replacement Valuation. It is essential to make sure that you have an adequate level of insurance cover if your building did need to be replaced. Building Replacement Valuation assessments should be conducted annually as the building costs can change on a yearly basis and your cover needs to be adjusted accordingly.
How can Asset Economics Help?
Did you know that with the recent increases in building costs many buildings are currently underinsured by 10-15%? We bet you didn’t, but we did! It’s our job to know exactly how to estimate the exact cover you need to keep your investment safe. Our expert Quantity Surveyors will ensure that your building has the correct cover. As a part of our strata management reports we make sure that your replacement cost report for insurance, covers the GFA or gross building area by systematically breaking down your building’s replacement costs into the standard building elements.
Your valuation will take into account cost factors like construction type, level of finish, common area and car parking. We cover all items to replace what is currently there as well as items that are now required under current BSA legislation. Other building costs included in our assessment are demolition costs, consultant fees, escalation costs, hard or soft landscaping and all council/regulatory fees.
At Asset Economics, we use cutting edge technology that gives our reporting outstanding accuracy, meaning that every square meter of your building area is covered. Your Insurance Replacement Valuation will be left in the hands of a team with over 10 years’ experience and more than 3,000 Insurance Replacement Valuations under their belt.