Under the Strata Schemes Management Act 1996, an Owners Corporation has obligations to insure the building for its full replacement value, and must obtain a professional Insurance Valuation at least every 5 years.
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.
When choosing a provider for your insurance valuation you should ensure the following:
- What qualifications does the inspector have? At Solutions in Engineering, our valuers and quantity surveyors are professionally trained and qualified