Insurance Replacement Cost Valuation Report on strata titled complexes in Kingscliff
In providing Insurance Replacement Cost Valuation reports, we are conscious of obtaining a balance of sufficient insurance to protect the owners, while ensuring the property is not over insured which results in excessive premium costs. Drawing on my 20 years of practical construction experience, we are confident that we can meet this balance. In addition to reflecting on past personal and published construction data, we also liaise with Matt’s construction contacts who are involved in similar construction projects to obtain the current costs.
Furthermore, a common area where the reinstatement costs “blow out” is during the application of building cost escalation percentages during the insurance period (12months) and the period between “the claimable incident”, approval of the claim and commencement of works. We keep in mind that as a result of the current soft economic conditions (low inflation) and the competitive construction conditions, this percentage is likely to be softer than what may have been applied at the time of your last assessment.