Strata Building Replacement Cost

At Melbourne Property Valuers Metro, we have a team of expert property valuers who specialise in building insurance for strata property schemes. Currently, under the current strata legislation, the owner’s corporation within the strata scheme are required to seek out an independent replacement cost estimate report for all building insurance policies.

Under this report our senior property valuers will determine the current market value in order to establish the building replacement costs. Under the strata legislation, a replacement cost estimate is used solely for maintaining an updated policy for reinstatement and replacement insurance. This insurance will cover public liability and all common property within the scheme. Because of this, it’s important that the owners corporation seek out a professionally detailed and independent report to assist the correct calculation for replacement costs.

Strata properties require their insurable amount to be valued and renewed every few years to ensure that the property is sufficiently protected in the event of disaster. There are very important and strict provisions under the current strata legislation that call for the property to be correctly insured and, to do this, a certified property valuer is required to correctly assess the replacement cost of the total property.

Strata Replacement Cost Reports Melbourne

Melbourne Property Valuers Metro is highly regarded in this area and we only employ the best professional property valuers Melbourne to help you in these matters. We provide a host of strata building replacement cost insurance reports weekly that ensure the following:

  • We understand there is an obligatory need to obtain a certified property valuation
  • We assess all of the relevant factors and avenues when calculating the replacement cost of the property
  • We have property valuation experts who will not only calculate the rebuild value, but also the debris removal, demolition costs, and expected labour value
  • Our reports also cover any unexpected charges or costs that may occur
  • Escalation costs and contingencies are also factored into the reports

Our replacement cost estimate reports include a comprehensive breakdown of the building in relation to its construction, insurance estimation, building codes and any notable improvements that may influence the replacement costings. Further to this, a replacement cost will include a guided estimate on the following factors:

  • Demolition and any removal of debris
  • Total replacement cost of the building
  • Any kind of professional fees involved in the design, management and construction of the building
  • Any other fees or parameters that may be involved

In addition to this, our independent reports are comprehensively detailed and formatted to meet the criteria as outlined in your insurance policy. Maintaining an up to date insurance coverage is required by legislation, so it’s important to ensure that the building is accurately valued for replacement costs to avoid over-paying an insurance premium.

Property Valuers for Replacement Cost Estimates

As a benchmark, we only employ API qualified property valuers and registered Chartered Surveyors to ensure that our clients are receiving a comprehensive report researched and compiled by an industry professional. In saying this, we also ensure that our valuers all have a minimum of 20 years experience to give our clients to best local knowledge and expertise in the industry.

As a firm that is highly regarded in the property valuation industry, Melbourne Property Valuers Metro has built an excellent reputation over the years, meaning our property valuation Melbourne reports are held in high regard even with the statutory authorities.

Our clients reach out to our dedicated team because of our reputable team of senior valuers and stellar record of maintaining quality customer service, quality reports and always strive to exceed expectations. We have proudly become one of Melbourne’s leading full service valuation firms and are dedicated to providing our clients with the very best experience, knowledge and service.

Seeking out a replacement cost estimate requires a registered valuer and we recommend finding an independent valuation company that you can trust. This is to ensure that the report you receive is going to include a comprehensive and accurate replacement cost estimate for the correct coverage on the policy.

We take time to assess the client’s full requirements before finalising such reports. To enable accurate property valuation in this area, we have a team of experts who will investigate the property and research the data from start to finish to ensure consistency and precision.We are proud of the team of senior property valuers we have built which is evident in the high level of repeat clients and large number of corporate partners.

We pride ourselves on our excellent service to clients and we are always here to help. To investigate further about our property valuation services or to have a chat with one of our friendly staff about a general enquiry, call us today on (03) 9021 2007 or fill out an online enquiry form.