Central Coast Property Advisory Service specialises in Valuation for Insurance Purposes
A Valuation for Insurance purpose is required by both private property owners, strata body corporate and commercial property owners.
The amount of cover provided under such policies is commonly described as the sum insured. The sum insured is the maximum amount the insurer will pay in the event of a loss. The home owner nominates the amount of the sum insured. The sum insured may be the reinstatement cost or indemnity value of the house or home and/or contents as defined by the insurance policy.
A general definition of house or home is a residential building at the insured address including its structural improvements, fixtures, fittings and domestic outbuildings.
A general definition of contents is furniture, furnishings, unfixed electrical goods, valuables, portable personal possessions, clothing and unfixed household goods that are the property of the insured.
When carrying out a valuation for insurance purposes for residential dwelling or strata unit developments the valuer takes into consideration and includes factors such as location/cost of good/services in that region, quality of building materials/P.C. items, demolition costs and the estimated reconstruction period (cost increases during the reconstruction period need to be calculated).
Inclusions in the valuation
Typically, items to be considered include but may not be limited to the following:-
- permanent spa pools or swimming pools, including their fixtures, covers, pipes, and fixed pumps;
- walls, fences and gates;
- gas pipes, fresh-water pipes, underground drainage and sewerage pipes;
- electricity, data and telephone cables and poles;
- any driveways, bridges, paving and tennis courts;
- any private road, lane, right-of-way, access way or bridge providing access to a driveway owned by the home owner or shared by the home owner with other residential property owners and for which the home owner is responsible;
- permanently installed fish ponds and water features connected to the dwellings water supply;
- sculptures and artwork affixed to the home and/or land;
- the home owners share in any walls fences, gates, pipes, cables or driveways where these items are jointly owned by the home owner and other property owners;
- costs associated with rebuilding the home such as architects fees, site clearance, removal of debris, inflation allowance and wide area damage.
Central Coast Property Advisory Service provide timely and accurate valuation advice to our customers for insurance purposes. For an obligation free quote call us on 02 43852644.