/ Residential Building Replacement Costs for Insurance Purposes | Valuations VIC

valuers melbourne

Many thanks for providing this very clear and thorough valuation so promptly it has been a great help to us and is very much appreciated.

Mr Jonathan Bell Richmond, VIC

Strata Building Replacement Cost

It is essential to ensure your property is insured correctly, whether it be a strata complex, single residential site, or commercial or industrial asset. In the unfortunate event that anything should happen to the property, you don’t want to get caught out having to fund its replacement because you were underinsured; This can become quite a costly procedure! On the other hand, you also don’t want to be over-insured – that is, paying too much where not necessary!

Regular building valuations are required by law to appease strata regulations and are completed, as a general rule, every 3-5 years. This allows the insurance company to cover the complete replacement of the property in the event of a natural disaster, flood, fire and more.

The inclusions and assessment of the strata building replacement cost assessment are for the property itself, including common areas, driveways, gardens, wiring, lifts, pools, gyms, and covers everything from the removal of debris, professional fees associated with the re-build, and public liability for an assured and accurate cover.

One such instance that we always quote to new enquiries is where a strata building was not completely covered, and had a fire in the building rendering it unsafe and in need of knocking down. The strata was not properly insured and as such, all lot owners were left with a large bill to foot to replace their valued asset – this clearly highlights the need to be properly assessed by a qualified valuer!

Our strata building replacement cost valuations can be completed within 2-5 business days from inspection depending on the property, and we can have a certified valuer out to inspect as early as the next business day.

Valuations Victoria is the leading valuation firm in the Melbourne metro and greater Victoria area, and has maintained its top position due to our commitment to our company motto of honesty, integrity, and accuracy.

All our valuers are accredited with the Australian Property Institute (API) and all have a minimum of 20 years’ experience each.

One of our experienced property valuers are happy to discuss the property valuation you require in more detail. Contact the office on (03) 9020 1494 or send us an email and we’ll get back to you as soon as possible. Or you can fill out your details in our Online Enquiry Form for an INSTANT QUOTE - we won’t be beaten on price or service!

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