Building 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 …
• An estimated of the current re-construction costs,
• An allocation of sufficient funds to cover cost escalation during the insured period and during the rebuilding process,
• An amount for demolition and removal of debris
• Professional fees including town planners, architects, consultants and engineers
• Other costs depending on the type of property like council fees
Insurance Valuations are mandatory under some Australian state legislative regulations.
For a comprehensive Reinstatement and Replacement Valuation, contact us today for a free quote
Building Insurance Valuations
For Strata Title Properties
Building Insurance valuation requirements in order to satisfy section 160 and section 161 of the ‘Strata Schemes Management Act’
The act affirms that the owner’s corporation for a strata scheme must protect their building(s) with an appropriate level of insurance at all times.
- And insures the property under a ‘damage policy’ … if it is destroyed or damaged by fire or any other event specified in the policy.
- A ‘damage policy’ for a property must be with an authorized insurer,
- Be in the name of the owner’s corporation, and any other person required to insure under Section 160
For Neighbourhood, Community and Precinct Property
An insurance valuation must comply with 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!