Building Insurance Assessment
Here at Perth Property Valuers, our property valuers have over two decades of experience each as well as qualifications with the Australian Property Institute (API). We have a team of specialised valuers who have experience in providing building replacement cost assessments needed for building insurance purposes.
What is a building replacement cost assessment?
If you are taking out building insurance, or updating the amount of coverage you need, the amount you are covered for is determined by a building replacement cost assessment. This assessment is a calculation of the costs to completely rebuild in the event of irreparable damage to the building. This known as the replacement cost, and it should cover the projected expenses for:
- Demolition of building
- Removal of remaining debris
- Professional charges involved with planning, designing, and rebuilding
- Government fees and taxes
- Labour required throughout demolition and construction
- Materials needed to rebuild
To determine the cost of these factors, the valuer will both inspect the building and undergo thorough research.
When inspecting the building the valuer will analyse the features, fixtures and materials uses. They will also note the size and layout of the building. This information is all important when calculating the building replacement cost assessment, as it will inform the expenses involved in replacing the specific building.
When determining the cost of labour, materials and any fees involved, the valuers will consult industry resources such as handbooks and professional manuals which outline the estimated building expenses.
Our valuers are able to provide accurate and detailed building replacement cost estimates for any property type. This covers residential houses, large scale commercial buildings, and strata buildings.
Choose a certified valuer for your building replacement cost estimate
A building replacement cost determines the correct amount of building insurance coverage needed for the complete demolition and reinstatement of a particular building in the event of a disaster causing irreparable damage.
This assessment is vital for correctly calculating the amount of insurance needed. This is important as if the incorrect amount of overage is taken out, there is a risk that the building will be over or under insured. Both of these are potentially costly errors.
If a building is over insured, the amount of insurance premiums paid by the owner will be higher than needed. However, if a building is under insured and does incur significant damage, the owner won’t receive enough insurance pay out to cover these damages, which will be extremely expensive.
Choosing a certified property valuer will ensure you receive an accurate building replacement cost assessment and are correctly covered in the event of disaster. Certified valuers have years of education and industry experience backing them and undergo continued professional development.
If you need a building replacement cost assessment, you can contact our team on (08) 9468 3202 or by completing an online enquiry form. We look forward to being of service!