A shortage of both materials and labour as a result of the COVID-19 Pandemic has created a surge in construction costs and delays. Experts are warning things will get worse as many realise they are significantly underinsured.

It is vital your property has the correct level of insurance cover to replace the building on a ‘like for like’ basis – should you need to make a claim for either partial loss or total replacement

Many property owners don’t realise they are underinsured until they must make a claim. Don’t run the risk of being left short.

AVOID THE RISK OF BEING UNDERINSURED

IN THE CURRENT MARKET

What is included in a Building Replacement Valuation?

Demolition and Removal of Debris
Building Construction Costs
Locality Factors
Professional Fees Including Design & Engineering
Escalation Costs (tme factor for building plans, permits, council approvals etc)
Council and Planning Fees
Landscaping
Level of Finish
Car Parks
Disconnection and Reconnection of Services Including: Power, Water & Sewage
GST

Only a Quantity Surveyor or Registered Valuer is permitted under the relevant State regulations to estimate construction costs for insurance purposes. A Quantity Surveyor is degree qualified expert in Construction Management and Building Economics. They are widely recognised as being the experts in calculating construction costs for a wide range of industries.

It's easy to ensure your building is properly insured. A Building Replacement Valuation produced by an Asset Reports Quantity Surveyor will provide an accurate replacement insurance valuation that will take out the guesswork and give you peace of mind that your building is fully covered.