Insurance Replacement Valuations
Having a realistic market related Insurance Replacement Valuation is important in ensuring the building is not under insured, leaving a short fall in times of claims or over insured, leading to additional unnecessary premiums.
All valuations are undertaken by experienced registered Quantity Surveyors who ensure your valuations are accurate and comprehensive and take into consideration all factors such as finishes, type of construction and materials, services, landscaping and external works.
Body Corporate and Community Management Act 1997 stipulates an Insurance Replacement Valuation is required every five (5) years. Where Seymour Consultants have already prepared an initial report you will only be charged a revision fee.
What should be included in an Insurance Replacement Valuation
A detailed building insurance replacement should represent the full cost of rebuilding in the case of total destruction. The report should include all areas for the rebuilding, namely:
- Demolition and removal of all works including site clearing
- The current valuation of the construction cost of the building
- Allowance for a reasonable period for insurance agreement, tender documentation and time for construction factoring in inflation over that period
- Allowance for professional fees and compliance costs in accordance with current market rates
- Allowance for Goods and Services Tax (GST) based on the current scale
Why use a Quantity Surveyor and not a Valuer ?
An established Quantity Surveying company will have built up a database of knowledge and experience over the years on market trends, construction costs and estimates for builders and developers.
Valuers provide estimates for insurance reports based on the information in their valuation reports. The Australian Institute of Quantity Surveyors have noted that these valuations are market valuations and are not the same as costs of construction and vary considerably from the actual costs of construction. A valuers report may not include all the facets that are included in the Quantity Surveyors Report.
To be assured of a personalised service that makes the difference, contact Seymour Consultants today on 07 5573 4011 or BOOK NOW using our online ordering service.