Strata insurance valuation is the process strata valuer of assessing the value of a property for insurance purposes. This is typically undertaken by a professional valuer and is based on a number of factors, including the size and location of the property, the type of construction and the age of the property. The valuer will also take into account any special features of the property, such as swimming pools or outbuildings, which may affect its value.
What is building insurance valuation
Building insurance valuation is the process of assessing the value of a property for insurance purposes. This is usually done by a professional valuer, and takes into account factors such as the property’s location, age, condition and any recent renovations. The value of a property is important for insurance purposes, as it determines the amount of cover that is required.
A building insurance valuation is different to a strata valuation, which is conducted for the purpose of setting strata levies. A strata valuation takes into account the value of the common property in a strata scheme, whereas a building insurance valuation assesses the value of the buildings and contents insurance for a property.
When a property is first built, the developer will usually obtain a building insurance valuation. This is used to assess the value of the property for insurance purposes, and is also used to set the premium for the first year of insurance.
A building insurance valuation is also conducted whenever a property is sold. This is because the value of a property can change over time, and the new owner will need to insure the property for its current value. A building insurance valuation is also conducted if a property is damaged or destroyed, in order to assess the cost of rebuilding.
If you are planning to buy a property, it is important to obtain a building insurance valuation. This will give you an idea of the amount of cover you will need, and will also help you to budget for your insurance premiums.