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In the current climate of rapidly increasing building costs, many existing buildings are underinsured with the result being that any insurance claim payouts are discounted by the percentage of undervaluation. This means that bodies corporate could be underfunded and may have to introduce special levies in order to make up the shortfall.

It is therefore prudent that responsible bodies corporate undertake regular revaluations that take into account detailed cost factors such as differing types, grades and finishes of construction materials, different use of areas such as common area hallways, main entrance foyers, car parks and balconies together with major infrastructure items such as lifts, fire services and chiller plant.

Additional external building costs such as consulting fees, council charges, regulatory levies, together with landscaping and external features such as swimming pools are also taken into account so as to ensure correct valuation as opposed to the widely used $/m2 approach which generally results in under-valuation and the need to raise special levies or borrow to cover the insurance payout gap.

Star Building Management Services have experienced valuers and quantity surveyors to ensure that your insurance valuations (IV) are accurate and comprehensive using the latest insurance valuation software and up to date construction cost data from our publicly listed parent company’s building division.