Building Replacement Insurance Valuations: FAQ'S
Why should you engage a professional consultant to prepare a replacement valuation, rather than attempt the estimate yourself or use a figure based on free advice from an associate or friend (with maybe a connection to the building or insurance industry)?
You need to be confident that the cover you take out is correct. 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.
Is fire the main risk against which you need to insure?
Statistically this is correct. However earthquakes, although infrequent, can cause widespread destruction, as the earthquake in Newcastle demonstrated.
Is it only the cost of rebuilding, or are there other costs which should be included in a building replacement valuation?
The buildings are the main cost component, but there are others. These include the cost of professional fees, inflationary factors, meeting current building regulations, demolition and removal of debris, and the cost of all work external to the building (such as paving, fences, pools and signs).
What does a Leary & Partners replacement insurance valuation report cover?
A Leary & Partners report provides you with a written account of the building structure, external work and major equipment at the date of inspection. It also includes photographs, a measure of the overall building areas, and an analysis of the costs which make up the valuation.
Can Leary & Partners prepare replacement insurance valuations for loose assets?
Yes we can. Leary & Partners can prepare complete contents replacement insurance valuation reports, together with asset register reports, for any type of building.
Can Leary & Partners prepare valuations for buildings Australia wide?
The company has operatives in Sydney, Melbourne, Brisbane, Gold Coast, Cairns, Sunshine Coast and Central Coast NSW. We can also prepare valuations for buildings in many other locations through our network of associates.
Replacement Valuation Reports