An insurance valuation answers a different question from a market valuation: not what the property would sell for, but what it would cost to rebuild, including demolition, professional fees and the cost escalation between damage and reinstatement. Underinsurance is usually discovered at the worst possible moment. The point of the report is a sum insured that holds before it is tested.
Not what it would sell for. What it would cost to rebuild.
Reports are prepared for homes, commercial buildings and bodies corporate, and set out the basis of assessment so an insurer or broker can rely on it.
- Rests on
- Replacement cost assessment, not market value
- Accepted by
- Insurers, brokers, bodies corporate
- Have ready
- The current policy or sum insured, and building plans if you hold them
- Turnaround
- 5 to 8 working days from inspection; urgent timeframes by arrangement