Replacement Insurance Valuation

IS YOUR PROPERTY ADEQUATELY INSURED?

A replacement insurance valuation carried out by an experienced Quantity Surveyor ensures your property will be adequately insured to not only cover the replacement construction cost of the building but other 'hidden' costs such as demolition works, professional fees and associated escalation costs.

Rawlinsons (W.A.) experienced Quantity Surveyors are highly trained, holding Bachelors of Science in Construction Management and are members of the Australian Institute of Quantity Surveyors. Our team are experts in the valuation of construction costs for all building types, along with forecasting the estimated time frame associated with redesign and construction.

As the creators and editors of the extensively circulated Rawlinsons Australian Construction Handbook and Rawlinsons Construction Cost Guide, our staff have access to the most comprehensive and current library of construction pricing information and data sources in Australia.

Property Replacement Insurance Valuation

Why should I use a Quantity Surveyor to create a Replacement Insurance Valuation report?

Quantity Surveyors are universally recognised as the professional's best qualified to estimate construction costs. An accurate replacement insurance valuation will give you piece of mind that in the unfortunate event of loss or damage, your property will be fully covered. If you are underinsured, you will be liable for a portion of the replacement cost yourself.

What is included in a Replacement Insurance Valuation?

Our detailed and easy to read reports include the following:

Property description
The basis of how the replacement insurance valuation was calculated

FECA - the fully enclosed covered areas
FECA - The sum of all such areas at all building floor levels, including basements (except unexcavated portions), floored roof spaces and attics, garages, penthouses, enclosed porches and attached enclosed covered ways alongside buildings, equipment rooms, lift shafts, vertical ducts, staircases and any other fully enclosed spaces and usable areas of the building, computed by measuring from the normal inside face of exterior walls but ignoring any projections such as plinths, columns, piers and the like which project from the normal inside face of exterior walls. It shall not include open courts, light wells, connecting or isolated covered ways and net open areas of upper portions of rooms, lobbies, halls, interstitial spaces and the like, which extend through the storey being computed.

UCA – unenclosed covered areas
UCA - The sum of all such areas at all building floor levels, including roofed balconies, open verandahs, porches and porticos, attached open covered ways alongside buildings, undercrofts and usable space under buildings, unenclosed access galleries (including ground floor) and any other traffic-able covered areas of the building which are not totally enclosed by full height walls, computed by measuring the areas between the enclosing walls or balustrade (i.e from the inside face of the UCA excluding the wall or balustrade thickness).

When the covering element (i.e. roof or upper floor) is supported by columns, is cantilevered or is suspended, or any combination of these, the measurements shall be taken to the edge of the paving or to the edge of the cover, whichever is the lesser. UCA shall not include eaves overhangs, sun shadings, awnings and the like where these do not relate to clearly defined traffic-able covered areas, nor shall it include connecting or isolated covered ways.

GFA – Gross floor area
The sum of the "Fully Enclosed Covered Area" (FECA) and "Unenclosed Covered Area" (UCA) as defined.

Cost escalation
This allowance reflects an inflation provision applied to the base reinstatement cost for the period of demolition, re-documentation and re-construction and the likely time lapse between the insurance anniversary date and the date of any happening.

Inclusions
• Present re building cost
• Allowance for cost escalation during the lead time of planning, calling tenders, construction and fit out
• Profession fees
• Removal of debris
• Cost escalation in the likely lapse time between the insurance anniversary date and the date of any happening.

Exclusions
• Loss of income/rent
• Temporary relocation costs
• Legal fees
• Loss of furniture and fittings
• Removal of asbestos
• Removale of contaminated soil.

How much will a Replacement Insurance Valuation cost?

Each quotation is customised so please contact our office for an obligation free, written quotation.

Sounds great, what do I do next?

Contact our office today; we can have the ball rolling for you ASAP.

As the creators and editors of the extensively circulated Rawlinsons Australian Construction Handbook and Rawlinsons Construction Cost Guide, Rawlinsons (W.A.) maintains the most comprehensive and current library of construction pricing information and data sources in Australia.

Construction Cost Consultants

Contact Rawlinsons (W.A.) today on (08) 9424 5800
or via info@rawlinsonswa.com.au