Building Insurance Valuation
Building insurance can cost several thousand dollars a year and if the building was destroyed through fire, flooding, termites, asbestos, an earthquake or another natural disaster you would want to know that you were insured for the right amount. If you were not insured for the right amount you may end up paying too much in your insurance premiums or you could find that you’re under insured and unable to get the correct payout if you had to make an insurance claim. That could be devastating for you.
NT Valuers complete building insurance valuations for a variety of building types including: Commercial property; Industrial property; Residential property; Retail property; Strata buildings.
Although it isn’t a legal requirement to get properties valued for building insurance purposes periodically it is highly recommended that you get a regular valuation. Property value can jump or fall by up to 25% in a single year which could lead to under or over insurance.
If you’re over-insured then you could be out of pocket paying too much for your insurance premium whereas if you’re under-insured if something happens to your property the insurance provider may use the policy’s co insurance clause which means that they’ll only pay a percentage of the replacement costs. That would leave a gap that the owner or strata manager would be required to pay in cases where it was found that they were negligent by not getting a building insurance valuation.
A good strata manager will get the building they manage valued once every three years. In some cases they will get the property valued annually which means that the insurance policy will be current offering protection from the potential losses that could originate from under insurance.
NT Valuers building insurance valuers are attentive and will follow your instructions. They will inspect the property at a convenient time. They will focus on the materials used and the amount necessary to replace the building. Our valuers will also take photos of the building and the area.
After the valuation is finalised we will give you three copies of the Certificate of Value – one bound, one unbound and a PDF version. This Certificate of Value will contain construction costs, council rates, demolition costs, GST and other elements paramount to the construction of a building.
NT Valuers is registered with the Australian Property Institute (API) and can value properties without limitation. Each of our valuers has at least 15 years experience in their valuation area and are eager to inspect your property within two days of your initial enquiry. The valuation report will then be completed 3-5 days after the inspection.
To set up an inspection time give us a call on (08) 8911 1505.