FAQ CATEGORY 15/06/22

What is an insurance valuation and why does my scheme need one?

A strata scheme needs to take out insurance to cover damage to the building and other costs to reinstate or replace the buildings.

In order to determine to appropriate amount to insure the buildings for strata schemes obtain an insurance valuation which we suggest at least once every 3 years is most common.

It’s important that the valuation is not a reflection of the property prices but instead considers the costs of rebuilding the scheme in the event of total loss.

The valuation is generally based on

  • Rebuilding costs at the date of calculation.
  • Costs for demolition and removal of debris.
  • Costs of all professional fees, including council fees and applications.
  • An allowance for GST.
  • Consideration for cost escalation during the rebuilding stages.

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