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Insurance Replacement Valuations

The cost to replace a building to its pre existing condition


Don’t run the risk of having an incorrectly calculated Insurance Replacement Valuation:
– Underinsured could leave a big shortfall if you need to claim
– Overinsured leads to additional unnecessary premiums


Who Conducts an Insurance Replacement Valuations?

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 (QLD) and Strata Scheme Management Act 1996 (NSW) stipulate an Insurance Replacement Valuation is required every five (5) years.


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. An Insurance Replacement Valuation from Seymour Consultants includes:

  • Demolition and removal of all works including site clearing
  • The current valuation of the construction cost of the building and external works
  • 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
  • Digital photographs of each property assessed together with property description to enable accurate insurance quotations by the insurance brokers

Organising a professional Insurance report is easy. Call us now on 07 5573 4011 or Book Online.

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.

Be sure that you get a thorough and realistic insurance replacement valuation. Contact Seymour Consultants today.

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