Building Insurance Valuations

Protecting your property investment

A recent survey in Australia found that 83% of Property Owners are currently underinsured, putting individuals at risk of insufficient compensation in an event of property damage or loss. Should this occur, insurers may apply an Underinsurance Clause to the final settlement, which will result in a partial or reduced payout; leaving limited options for rebuilding or replacement.

To address this, we collaborate with highly skilled Quantity Surveyors who specialise in construction cost analysis that assess the insurable value of your property, providing precise insurance replacement cost estimates.

There are two reporting options available, the Surveyors will assess the actual cost of rebuilding, considering often overlooked factors such as demolition, professional fees, and potential escalation in costs. Without an accurate assessment, property owners run the risk of either overpaying for insurance, needlessly inflating their premiums, or, more commonly, underinsuring their property and facing significant financial shortfalls during critical times.

Option 1: Essential comprehensive replacement cost estimates include:

  • a thorough evaluation of demolition and debris removal (including asbestos)
  • accurate assessment of the cost to reconstruct a new building (considering planning requirements)
  • meticulous calculation of consultants’ fees and preliminaries
  • careful consideration of potential escalation costs
  • diligent evaluation of common property fixtures and fittings

Option 2: Detailed replacement cost estimates

  • the property address as listed in the Registered Plan
  • a comprehensive description of the building structure, services, and finishings
  • assessment of works external to the building in accordance with the insurance policy
  • precise measurement of building areas
  • a concise summary of costs
  • relevant photographic documentation

The competitive base rate for this service is $700+GST, applicable to various property types, including residential, commercial, industrial, and rural properties that meet specific criteria:

  • Availability of architectural floor plans (scaled drawings)
  • Current sum insured amount not exceeding $10 million
  • Property situated in non-remote areas

Should you like to arrange a Building Replacement Value Report, please click here and you will be directed to our registration page.