Strata Insurance Valuations
The Market Leader when it comes to Insurance Valuations
It’s essential that you have the correct level of insurance cover to replace your existing buildings. A Frontier Insurance Valuation report will provide you with the right amount to adequately cover the replacement and reinstatement cost of your property.
The correct amount of insurance cover is considered crucial in the event of a claim; it also ensures you are paying the appropriate premium for your property with your insurance company.
Frontier Insurance Valuations provide independent property valuation reports for insurance purposes. You need an expert in this field as the industry is ever changing, factors like new legislation, fire regulations, heritage listed materials, fire combustible and toxic materials add to the complexity of the valuation process. We provide valuations for all types of properties.
What is an Insurance Valuation Report?
An insurance Valuation report is an estimate of the actual cost to rebuild the building at the time of the valuation, assuming a total loss situation and a reinstatement with a new building(s) of similar size and materials.
Our Insurance Valuation Report would normally include the …
• Estimated of the current construction costs,
• Allowance for cost escalation during the insured period and rebuilding process,
• Demolition and clean up, costs
• Professional fees, town planers, architects, engineers and
• Other costs depending on the type of property.
Insurance Valuations are mandatory under each states legislative regulations.
For a comprehensive Reinstatement and Replacement Valuation, contact us today for a free quote
Building Insurance Valuations
Strata Title Properties
Building Insurance valuations in order to comply with section 160 and section 161 of the ‘Strata Schemes Management Act’
The act states that the owner’s corporation for a strata scheme must insure the building. And keep the building insured under a contract of insurance
- And insures the building under a ‘damage policy’ … if it is destroyed or damaged by fire, lightning, explosion or any other occurrence specified in the policy.
- A ‘damage policy’ for a building must be with an approved insurer,
- Be in the name of the owners corporation, and any other person required to insure under Section 160
A ‘Damage Policy’ must provide for the following:
a) the building is to be insured for at least the amount determined in accordance with the regulations,
b) if the building is destroyed, the building is to be rebuilt or replaced so that the condition of every part of the rebuilt or replacement building is not worse or less extensive than that part when new,
c) if the building is damaged but not destroyed, the damaged part of the building is to be repaired or restored so that the condition is not worse or less extensive than that part when new,
d) expenses incurred in removing debris are payable,
e) the remuneration of architects and other persons whose services are necessary as an incident to the rebuilding, replacement, repair or restoration is payable.
The 2016 regulations states the manner of calculation for an insurance limit under damage policy as follows;
- For the purposes of section 161 (1) (a) of the Act, the minimum amount for which a building is to be insured is to be not less than the amount calculated in accordance with subclause 2).
- For the purposes of section 161 (2) of the Act, the amount to which the liability of an insurer may be limited under a damage policy is to be calculated by adding together the following amounts:
a) the estimated cost, as at the date of commencement of the damage policy, of
i. carrying out the work that a damage policy is required to provide for under section 161 of the Act, and
ii. making the payments that a damage policy is required to provide for under section 161 of the Act,
b) the estimated amount by which expenditure referred to in the preceding paragraphs may increase during the period of 24 months following the date of commencement of the damage policy.
- The amounts referred to in subclause (2) (a) and (b) are to be calculated so as to include any applicable taxes, fees and charges (including taxes, fees and charges of the Commonwealth).
Community, Neighbourhood & Precinct Property
Building insurance valuations must comply with the Section 39 of the Community Land Management Act 1989
Homes and Other Property
Although not a legal requirement it is essential for you property to be correctly insured to avoid potential loss from your policies ‘co insurance or averaging clause.’
The best method is by a proper building insurance valuation.
On receiving written instructions usually by email we will
- inspect the subject property, take photos of all buildings and improvements, note any unique or specific factors relative to the subject property
- calculate building areas, assess the type of materials for complete replacement and/or reinstatement of the building and its surrounds
- estimate the replacement and/or reinstatement cost the improvements and materials via Rawlinson’s Construction Handbook and apply the formula specified by the Section 39 of the Strata Schemes Management Regulation 2016
- provide a detailed report with a recommended building sum insured including all plans & current photographs
- if required we can provide specific insurable amounts for loss of rent, common contents and catastrophe cover
- liaise with owners to discuss valuation methodology, building areas and construction rates if required
All properties are inspected and we do not conduct desktop valuations.
We’re happy to email you a sample report – Our prices are very competitive!
For the latest Fee Schedule or No obligation, Quotation!