The Importance of Building Valuations

The Importance of Building Valuations

Did you know that approximately 8/10 Australian homes are underinsured, according to (ASIC) Australian Securities and Investments Commission?

If you are an owner of a residence, or strata property (could be an apartment or townhouse or commercial) it is your responsibility to ensure that the property, is well insured.

Unforeseen events can take place and disasters can hit and if your buildings are not accurately insured, the extra costs of repair will become the owners burden.

If you haven’t had a building valuation or adjusted your building sum insured on your insurance policies in the past few years, then the likelihoods of your building being underinsured is extremely on the cards.

The Role of Building Valuations
A building valuation is an assessment and calculation of the property’s “up-to-date replacement” cost, considering factors such as construction materials, labour costs, removal of building debris, demolition costs, professional fees (for architects, engineers, designers council fees, town planners etc), and allowance for cost escalation over time.

Accurate building valuations help property owners dodge under-insurance and avoid covering the shortfall in costs, consequently reducing that extra financial strain in the future!

To obtain an accurate and professional building valuation contact us as we can guide you towards a reputable valuer who can conduct an independent assessment for your building or property’s replacement cost.

Uphold your investment and your property and save yourself from financial fuss, should something happen and damage your building.