There is no way to know for sure how well your property can handle a destructive event until one happens. If there is enough damage, you may need to completely replace the building which is where building insurance comes in.
For insurance to adequately cover your house or building, you will require a building insurance valuation. When a valuer conducts this sort of valuation, they use the replacement cost method of valuation. This means they complete a thorough examination of the structure and then calculate the full cost of its reconstruction. As part of the examination a valuer will look at:
- The full size of the property, noting its dimensions and acquiring the floor plans if available
- The current condition of the property, how well it has been maintained and whether there have been any renovations or additions
- The special or unique features of the property including its architectural design
- The construction of your property, the quality, the materials that have been used and if there are any current structural issues that may need to be addressed
- The energy efficiency of the property and what systems have been installed such as solar panels and/or generators
This is by no means a complete list of what a valuer will examine during the valuation process. After they have all the relevant details of your building, they can start to calculate the costs of its replacement. All costs are accounted for including the cost of labour, materials, re-design, and fees.
We only assign valuers with the right expertise to conduct building insurance reports. This ensures you receive an accurate and comprehensive valuation. With the help of one of our API-accredited valuers, you can avoid paying more for premiums than you need to but still have adequate insurance coverage.
To take advantage of one of our building insurance specialists with over 20 years of experience, contact our office today. We’d be happy to help you get better insurance coverage for your property.