Strata Chat

15. Rowan Hemsley - Hemsley Paterson & Con Iconomidis - Strata Community Insurance - Strata Insurance Valuations

Listen Later

More and more we are seeing catastrophes are occurring in around the world and Australia, Floods, Storm, Fire and Earthquakes. This is a strong reminder about the importance of adequate insurance cover in case of partial damage or complete devastation to your Strata Scheme.

Have a listen to hear a few experts chat about the what, how and why of insurance valuations. If you dont have a listen there here are some top tips!

  • Always seek advice from a suitably qualified professional.
  • Draft instructions to the valuer based on your specific requirements
  • Ensure you flag buildings not noted on the strata plan such as un-approved structures completed after the Strata Plan
  • Provide as much information to the Valuer about the complex as possible (extensions, alterations, asbestos register, etc.)
  • If there are issues identified, seek further advice from the relevant professionals (ie. Planning, legal, etc) 
  • Ensure Valuations are undertaken every 3 years. Insurers will index annually but suggest every 3 years to validate.
  • If your property is a new build always obtain a new valuation. Obtain from an independent source, the builder's wholesale ext GST build cost is insufficient to use as your Building Sum insured. 
    • ...more
    View all episodesView all episodes
    Download on the App Store
    Strata ChatBy Liz Florence from Abode Strata