Under the Body Corporate and Community Management Act 1997, a Body Corporate has obligations to insure the building for its full replacement value.
With fluctuating building costs it is important to regularly update your replacement valuation to ensure your property is insured for the full replacement value.
The building replacement valuation should take into account cost factors like differing levels of finish, types of construction material, lift types, fire safety equipment as well as differing costs for areas like open air balconies, fire escapes and common hallways.
Our Insurance valuations are calculated using the following methodology:
- Re-building costs at date of valuation
- Removal of debris
- Professional fees including council fees
- An allowance for GST
- An allowance for cost escalation during the planning, tendering, construction and fitout stages
- An allowance for cost escalation for the lapse time between renewal date and the occurrence of the event leading to the claim