For an accurate insurance valuation of your property contact CSA Valuers. We provide valuations for both body corporates and also residential houses. Our insurance valuations are based on replacement value as opposed to market value. These valuations assist you when insuring your property to avoid being over or under insured.
Insurance valuation process
To carry out insurance valuations our valuers perform an internal inspection of the property to get accurate measurements for building cost indicators. We can then use these indicators to calculate your valuation per square metre for the various parts of the dwelling. This is necessary because (as an example) the living area will have a different cost to the garage or covered patio.
Professional insurance valuations include some aspects you may not have considered previously. These include coverage for demolition and removal of debris, an amount to cover professional fees such as architects, engineers and builders and an amount for contingency or cost escalation (basically this covers increases in building costs between date of disaster and date of construction).
Our insurance valuation reports also include GST.
Why have an insurance valuation?
A property valuation carried out by an expert valuer ensures you are paying the correct amount for insurance. It’s better to be over insured rather than under insured but also, value accuracy is necessary to avoid paying excess premiums.
You should be aware that an insurer only pays the cost of replacement and can penalise you for being underinsured so if you then make a claim they might only pay 80% of the claim. Whilst your premiums may end up lower, in the event of a disaster that saving may pale to insignificance.
Peace of mind comes from expert advice.