Insurance Valuations are mandatory under each state’s strata legislative requirements and should be carried out by qualified individuals such as a Certified Practising Valuer accredited through the Australian Property Institute. Links to related government legislation around Property Insurance Valuations are as below:
VIC – Owners Corporation Act 2006
NSW – Strata Schemes Management Act 1996
QLD – Body Corporate and Community Act
SA – Community Titles Act 1996
Under current legislation, Reinstatement & Replacement Valuations must be executed every 5 years. However, there are different factors that a building’s insurance value adjusts annually so building cost escalations are advised to be performed every 3 years which is a common practice among Strata Schemes.
WBP Group at its core is a valuation company with sworn valuers to meet your legislative obligations for your Strata and building Insurance Valuations. Our service level guarantee will ensure that:
- Valuers that implement your replacement costs estimates are state-qualified and up-to-date with current changes and are experts in strata valuations.
- Comprehensive scoping to provide an accurate reinstatement cost valuation.
- All fixtures and fittings are recorded with consideration of refurbishments overtime that could be a higher quality than the original material and fitting.
- Our Certified Practising Valuers have Professional Indemnity cover aligned to the value of your property.
- Relevant timelines are plotted as to when each property will need to be updated for the next period of an insurance valuation.
Government legislation is designed to protect Owner’s Corporations and their assets in the event of any major disaster or loss. Leaving your assets in the hands of an unqualified valuer or surveyor puts your investment at risk. WBP Group has been servicing major Owner’s Corporation and Strata Management companies for over 25 years and our Insurance Valuation reports have been trusted by all major Insurance under writers in accordance to each state’s relevant legislation. Our independent and sworn valuations have guided these companies as they grow their portfolio. Thorough inspection of each property, comprehensive data processing and efficient delivery of Reinstatement and Replacement reports are the bases by which we operate in accordance to your state’s legislation around strata titled and various other property types.
Secure your assets as required by government laws and regulations by contacting us to deliver a comprehensive Insurance Valuation report. Please fill in the form below:
