More and more we are seeing catastrophes are occurring in around the world and Australia, Floods, Storm, Fire and Earthquakes. This is a strong reminder about the importance of adequate insurance cover in case of partial damage or complete devastation to your Strata Scheme.

Have a listen to hear a few experts chat about the what, how and why of insurance valuations. If you dont have a listen there here are some top tips!

• Always seek advice from a suitably qualified professional.
• Draft instructions to the valuer based on your specific requirements
• Ensure you flag buildings not noted on the strata plan such as un-approved structures completed after the Strata Plan
• Provide as much information to the Valuer about the complex as possible (extensions, alterations, asbestos register, etc.)
• If there are issues identified, seek further advice from the relevant professionals (ie. Planning, legal, etc) 
• Ensure Valuations are undertaken every 3 years. Insurers will index annually but suggest every 3 years to validate.
• If your property is a new build always obtain a new valuation. Obtain from an independent source, the builder's wholesale ext GST build cost is insufficient to use as your Building Sum insured.