House Insurance Valuations
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House Insurance Valuations
An Insurance Valuation is the best way to calculate your House Insurance Value and accurate assessment will safeguard the value of your property. An independent assessment to determine the Value of your House for Insurance Purposes gives property owners the peace of mind that in the unlikely event of loss or damage, their property will be fully covered.
Choice Property Valuation has highly experienced House Insurance Valuers with the technical knowledge, skills and training to provide expert advice in all areas of property. We have undertaken House Valuation for Insurance Purposes all around the Sydney metropolitan area including many prestige standard waterfront homes.
Is your house Insurance replacement value accurate?
Did you know the cost of building a new home has increased four-fold over the past 20 years? If there’s a significant time gap since your last property Insurance valuation it would be a smart move to get a new building insurance valuation.
We are certified house insurance valuers with membership at the …
Australian Valuers Institute. Because we live and work in Sydney we know the building construction costs of its various suburbs. We have experience in all building types along with forecasting the estimated time frame associated with redesign and construction.
We are happy to liaise with your nominated onsite contact to arrange an onsite inspection. Every courtesy is granted to owners and tenants alike to make sure they are not inconvenienced in any way.
Why engage an House Insurance Valuer?
A building insurance valuation provides a solid basis for the declared insurance values. In the event of a claim having a professional insurance valuation can greatly simplify and streamline the claim process. This can help prevent ensuing investigations by the insurer that can lead to a protracted claims process and delayed settlements which can take months or even years.
Insurance policies in Australia also place the burden of estimating rebuilding costs on the policyholder and it’s the policyholder that faces the financial consequences of under-insurance in the event of a total loss.
Choice property valuation provides independent property valuation reports for insurance purposes. You need an expert in this field as the industry is ever-changing, factors like new legislation, fire regulations, heritage-listed materials, fire combustible and toxic materials add to the complexity of the valuation process. We provide valuations for all types of properties.
What are the benefits of having a professional valuation?
- Save money by not paying excessive premiums due to over insurance
- In the event of a claim, you can avoid the financial consequences of underinsurance
- Fast-tracked claims process without disputes around the insured values
- Minimised interruption to business operations
How much does a House Insurance Valuation cost?
Our house insurance valuer will undertakes a preliminary online assessment of your home to determine the complexity of calculating the house insurance replacement value. We prefer to quote each job individually to provide the most competitive price for each job.
As no two properties are the same, report costs vary from $400 to $650 plus GST within the Sydney metropolitan region.
During our site inspection of your home we checks building plans, dimension, architectural features and level of finishes. We takes notes and photos of the internal and external features of your home.
The valuer than provides an insurance valuation report, the assessment also takes into consideration site access, council regulations, heritage listing etc.
Our reports are formatted and completed with the information required by your home insurance provider
It is false economy to try to save a few hundred dollars on professional fees if in so doing you put at risk hundreds of thousands or possibly millions of dollars’ worth of property.
Quotations vary due to the complexity of the task, please contact our office for an obligation-free, written quotation.
House Insurance Valuations
Longueville NSW 2066
Built Circa 1993, a prestige standard waterfront home consisting of three levels plus attic area. With swimming pool, inclinator, timber jetty and boat slipway, pergola and security entry gate, 3 x car garage and workshop
House Insurance Replacement Value
Bulli NSW 2516
Built Circa 2006 – Architect designed residential home consisting of three levels with ocean views. Plus balconies, timber decking, swimming pool, covered BBQ area, double lock-up garage.
Why do I need a house insurance valuation every 5 years?
Insurers generally encourage the home owners to review their level of cover each year on renewal of the policy. Even if the property owners accurately assessed the initial rebuilding costs, there is a strong risk that they will become underinsured.
The sum insured is increased annually by the insurer but after 5 years a significant gap can arise. ASIC has identified three measures used by insurers to increase the sum insured under their policies: the consumer price index (CPI), the house building index (HBI) and a specialist building cost index, known as CHIP. Between March 2000 and March 2005, the HBI increased by 12%, the CPI by 17%, and CHIP by 33%.
Adding a 5 to 10 percent increase to last year’s sum insured figure is simply just not good enough.
Furthermore, it was found that property owners generally failed to increase the sum insured following renovations and improvements to their property. For example; a 2003 survey by the Royal Automobile Club of Victoria (RACV) found that 24% of homeowners did not increase the level of cover after renovations costing between $20,000 and $40,000.
House Insurance Valuation
Paddington NSW 2021
Built circa 1900 – Prestige standard four level home comprising a traditional terrace style front façade, front veranda, balconies, backyard entertainment area, double lock up garage with access via rear laneway
What is an Insurance Valuation Report?
An insurance valuation report includes a detailed description of your property, colour photographs and a breakdown of the building costs that make up the valuation. It’s an estimate of the actual cost to rebuild your home at the time of the valuation, assuming a total loss situation and a reinstatement with a new building(s) of similar size and materials.
An Insurance Valuation Report includes an …
- Estimated of the current construction costs to construct a similar building (Rawlinsons Construction Cost Guide)
- Allowance for cost escalation during the insured period and rebuilding process.
- Cost of demolition and site clean-up,
- Professional fees, town planers, architects, engineers and
- Council fees and other costs depending on the type of property.
The sum insured include all costs that would be included in replacing the building.
Common exclusions from insurance replacement valuation report are:
- Tenants’ property
- Loose furniture and equipment
- Temporary accommodation
- Loss of revenue
- Finance costs
Building Replacement Cost Valuation
Weston Street, East Balmain NSW 2041
Circa 1915 – residential home consisting of two levels with entry foyer, 4 x bedrooms, walk in robe, ensuite bathroom and bathrooms, front veranda, balcony, rear terrace area, swimming pool, and double lock-up garage.
