Insurance Replacement Valuation Report

Insurance Replacement Valuation Report

The owners corporation must insure the building for its full reinstatement and replacement value. An independent valuation makes sure the building is not under-insured – a shortfall owners would otherwise have to fund themselves.

What it covers

• Reinstatement cost of the building and common property
• Demolition and removal of debris
• Professional fees and escalation during rebuilding
• Recommended sum insured

When you need one

• Regularly, as decided by the owners corporation (commonly every three to five years)
• After major works or additions
• When construction costs rise significantly

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