Accurate property insurance valuations protect your assets in the event of an insurance event and provide peace of mind.
Property insurance valuations enable updating of a buildings replacement cost irrespective of the age of the buildings structures.
These are critical to ensure:
- the insured amount takes account of the increases in building and associated costs;
- You are not left substantially out of pocket as a result of under insurance.
Under insurance means that in the event of a claim, the insurer will deny liability for the proportion of the damage that the property is under insured.
In other words the owner or the body corporate will be responsible to pay the under-insured part of the cost of rebuilding.
Our independent property insurance valuations will:
- detail the insurance replacement cost and associated costs to replace new in the event of an insurance event;
- ensure owners and owners’ corporations can rest assured that the buildings are adequately insured in the event of a claim.
In Victoria, the Owners’ Corporation Act 2006 requires that:
- An owners’ corporation must take out reinstatement and replacement insurance for all buildings on the common property in accordance with the Act.
Call us today Tel: 03 9596 0000 – Melbourne | Tel: 03 5977 1056 – Mornington
