When insuring a property, many factors need to be considered to ensure you’re fully covered in the event of a loss. Being underinsured or using an insurance appraisal solely based on assumptions can leave you exposed and cost you significantly in case of damage. It is recommended that a building insurance valuation be carried out every 3 years with the help of a professional insurance valuation service provider to ensure the replacement value is accurately calculated. The replacement value of a property can change quickly due to rising construction costs, professional fees and cost escalations.

Common mistakes building owners make when declaring the insurance value of the property:

The smallest of mistakes made while insuring your building can cost you heavily. In order to make your insurance replacement valuation effective, here are some mistakes you can avoid:

 

  • Not seeking the help of professionals: Insurance valuation is a complex process that is best done when left up to the professionals. But many building owners try to do it themselves, making errors in the process, such as unacceptable building valuation methods, mixing multiple valuation methods, incorrectly applying interest, taxes, depreciation etc., and many more.
  • Insufficient information: It is essential to share all the correct details about your property with the valuer so as to get the right valuation. Hiding on any crucial information will only leave you exposed in case of natural disasters and total loss.

Experience the Accord Appraisals difference

Accord Appraisals is the most reliable and trustworthy insurance valuation services provider with an enduring commitment to providing best-in-industry service. We have a team of experienced, certified and knowledgeable valuers who take 360-degree insights into the prevailing market trends to ensure the correct values are attributed to each asset and minimise the risk of over or under-insurance. Rest assured, our expert valuation services will help you 

  • Put an end to the guesswork
  • Create a way for property success
  • Make decisions based on reliable data and insights

 

To contact us and learn more about our services, visit our website at https://accordappraisals.com.au/services/insurance-replacement-valuation/.