Opteon’s expert assessors can provide you with a Sum Insured Assessment; this building valuation for insurance purposes is sometimes referred to as a Replacement Cost Assessment or an Insurance Valuation. Whether it is a residential or commercial property, an Insurance Replacement Assessment is required to determine what the replacement cost will be if there is a total loss to your building/improvements.
It is important that you have the correct level of insurance cover to replace your buildings to its existing state when new. A Sum Insured Assessment report produced by Opteon will provide you with the required amount to adequately cover the replacement and reinstatement cost.
A Sum Insured Assessment is an estimate of the actual cost to rebuild the building at the time of the valuation, assuming a total loss situation and a reinstatement with a new building/buildings of similar size and materials.
Our Sum Insured Assessment would typically include the estimated current construction cost, provision for cost escalation during the insured period and rebuilding process, allowances for demolition and clean up, professional fees and other costs depending on the type of property.
The correct amount of insurance cover is considered crucial in the event of a claim; it also ensures you are paying the appropriate premium for your property with your insurance company.
If you are an owner of a residential property including strata title developments, or an owner or landlord of a commercial, industrial or retail property, it is important that you obtain a Sum Insured Assessment on an annual basis.
Building costs together with costs of materials, labour and professional fees can vary from year to year and in most circumstances, increase. By obtaining a Sum Insured Assessment from our experienced team of valuers, you can rest assured that you will have the appropriate cover and are paying the correct premiums.
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