What would it cost to replace your building if it was damaged? Are you insured for the correct amount? When did you last have your building valued?
At present it is a legal requirement to get property valued at least once every five years by a Certified Practising Valuer, however some strata managers recommend that you get your property valued every 3 years, or annually in some scenarios. This is because property prices can fluctuate 25% in a single year, way more than average inflation figures. Regular building insurance valuations protect owners against potentially losses from being under-insured.
We are professional residential, commercial, industrial, and retail strata title property valuers; and can value properties for insurance purposes so you can comply with the legislation.
Although you’re legally required to get a property valuation at least once every five years, the majority of our clients get your building valued once every three years for risk management purposes.
Getting your building valued regularly for building insurance reasons gives you an indication of what the building is worth and that can assist with your insurance policy.
If your building is under-insured then if you were in the situation where you needed to replace the building, the insurance company may exercise their “co-insurance” clause of the policy which means that they’ll only pay a percentage of the true replacement cost of the building. The owner or the strata manager might be required to pay the shortfall if it was found that they were negligent by not getting their building insurance valuation updated.
We recommend that you get your property valued annually because of inflation. This ensures that your building is insured for the correct amount based on current market prices.
When you contact us you will be connected to an expert property valuer who will take instructions from you and then inspect your property. During the property inspection they will take photos of the building and then estimate the replacement cost of the materials plus any improvements. Our Valuer will provide a Certificate of Value (one bound copy, one unbound for photocopying purposes and a PDF file that can be emailed).
Valuations ACT only employs Valuers who are registered with the Australian Property Institute (API) and can complete a valuation without limitation.
Our completed valuation reports consider demolition costs, council rates and other fees, construction costs, GST and other factors such as the location (for example, prices in a more affluent area are much higher than a low socio-economic area), the various types of construction material used, the finishing’s and more.
Valuations ACT prides itself on quick turnaround and we aim to inspect your property within 48 hours of your initial enquiry. Then your report will be completed within 3-5 business days.