PROPERTY VALUATION SERVICES
VIC | QLD | WA
WHAT PEOPLE ASK OUR BUILDING INSURANCE VALUERS
Is it better to be over insured?
Questioning whether it's preferable to be over-insured implies uncertainty about the accurate insurance level.
In reality, what you deem a "safe insurance" amount might be significantly underinsured.
Accuracy of online calculators?
Online calculators can help a lot. However, they are designed only for general reference. Consulting a Certified Practising Valuer is essential for precise and reliable insurance valuations.
Will a Desktop Valuation suffice?
Desktop insurance valuation reports often come with a plethora of disclaimers, absolving assessors of potential wrongdoing and highlighting the trade-off between cost saving and adequate insurance coverage.
Broker recommended insurance value?
An insurance broker may recommend an automatic % increase annually. Building prices change, and projected inflation is usually lower. However, building costs have risen a great deal since COVID.
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What is Plant and Machinery?The term “Plant and Machinery” is used to describe the tangible assets that a buisness or individual owns. They include everything from the furniture in the office to the trucks, mobile equipment and machinery in your home or business, whether it be a factory, workshop, school, home etc.
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What is an Independent Property Valuer?An Independent Property Valuer or sworn valuer is a registered and trusted practitioner, Endorsed by the Australian Property Institute (API). We are respected independent real estate specialists who, by education, training and rigorous tests are deemed accredited and qualified to provide an impartial professional report on the value of real property. In Australia, we are called Certified Practising Valuers (CPV). Preparing a valuation is hard work, involving the research and examination of all pertinent data and a Valuer's specific expertise, knowledge and capacity to make a reasonable and supportable opinion of value. A Valuer's client list can vary from your average first-time property investor to overseas investors, farmers, hobby farmers, hotel and pub owners, Owners Corporations, insurance brokers, finance brokers, solicitors, banks and mining companies to name a few. Certified Practising Valuers have an essential role to play in the ever prevailing Australian Economy. We quietly practise our craft objectively, in an independent manner, mitigating risks for our clients. The result can be a much better understanding of their portfolio or their next business decision. CONTACT a Delphi Independent Property Valuer for more info.
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Why choose and pick a Valuer?Don't believe everything you see and hear. Professional-quality comprehensive valuations can't be done in 10 minutes or as a desktop assessment. A good Valuer will spend time on your property and most importantly be able to talk to you and answer any questions that you may have about the process. Like any other profession, you get what you pay for. CONTACT a Delphi Independent Property Valuer for more info.
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Why choose a Certified Practising Valuer?API accredited Certified Practising Valuers provide exceptional valuation expertise as they earn their qualification only after completing a rigorous course structure and peer-evaluation process that requires years of study, experience, dedication and commitment. AAPI accredited valuers follow both the professional standards set forth by the API’s Code of Ethics and Rules of Conduct to provide a credible, objective opinion of value. Valuers are bound to openness and transparency, expert technicians in their field, delivering credible and high-quality reports.
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What is a Building Insurance Valuation Report? Why is it important?Insurance is about mitigating risks, providing protection against a possible eventuality. The task of a Certified Practising Valuer, specialising in the field of Insurance Valuations, or Insurance Replacement Costs is to provide advice on the correct insurance level. Replacement Value - Where property is lost or destroyed, the rebuilding or replacement of the property is to provide similar functionality in a condition equal to, but not better or more extensive than its current state when new. In other words, the current price or cost of a similar asset offering equivalent utility, built to modern idiom, conforming to regulations and by-laws which may have evolved since the original building construction date. A specialist insurance valuer at DELPHI can provide you with an insurance valuation report and advise you on the correct level of Insurance Value. CONTACT a Delphi Independent Property Valuer for more info.
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Is there an Online Building Insurance Calculator?Yes, there are quite a few. Most insurance firms are giving their clients access to free online insurance calculators. These type of online tools use a combination of general property and building information which may correspond to your home or building, as well as requiring specific measurements of areas around your premise, topography and some environmental factors. A Certified Practising Valuer, Specialising in Insurance Valuations will eliminate any guesswork, give you peace of mind and mitigate risks associated with using online insurance calculators. The Building Insurance Replacement report from a registered and accredited Insurance Valuer that is a member of the API is objective, professional and precise. CONTACT a Delphi Independent Property Valuer for more info.
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Isn't it better to be overinsured than underinsured?No. It is not better to be over-insured, because in the event of a total loss. Your insurer will likely replace your building to a modern idiom, i.e. new for old, with a similar standard of fixtures. At Delphi, we assess each property to market, based on the most up to date industry stats and numbers. In a nutshell, an accurate insurance valuation by a competent building insurance valuer will save you from paying higher premiums on your property, saving you money in the long run. On the flipside, if your building insurance amount is feeble, you will be insufficiently insured and risk not having enough funds for reconstruction in the event of a total loss. CONTACT a Delphi Independent Property Valuer for more info.
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What is the meaning of life?No one really knows what that is. If you search google, you'll find a plethora of answers and even more questions. All we know is that, biologically, it is far easier to smile than frown and droop. You see, smiling requires a lot less muscle. :P
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What does Insolvency mean?Insolvency is a stage of financial trouble an entity encounters and is unable to reconcile debts. The pressure may be unrelenting which can lead to legal proceedings and actions against the insolvent. Assets may need to be liquidated to resolve outstanding accounts.
With so many known unknowns that can severely damage a property, why risk it? Building costs and fluctuating international demand for raw commodities alone should be cause for concern.
Delphi Independent Property Valuers can provide an accurate building insurance valuation report. Our insurance Valuers are well-equipped to provide you with industry-endorsed building reinstatement and building replacement valuation reports.
When our Building Insurance Valuers are on site, owners and occupants are encouraged to talk to us with any property-related questions. We can also review your current insurance policy and offer guidance where possible. The devil is in the detail.
A Valuation for Building Insurance Replacement and Reinstatement purposes should compel the Building Insurance Valuers to consider the following:
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Allowance for the time it will take to rebuild the building in its entirety, taking into account all required approvals of local councils and other statutory authorities
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Comments relating to the removal of dangerous materials, delays due to objections from local communities and court appeals, and other relevant considerations
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Onerous easements, encroachments, zoning issues, flood, landslip, main roads acquisition and restrictions on access
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The full costs for the removal and disposal of debris
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All fees payable to professional people or companies employed or consulted in the course of the rebuilding or replacement of the building, including but not limited to architects, engineers, electricians, surveyors and lawyers, as well as all costs associated with terminating existing schemes, authorisation of new plans and court costs including appeals
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As the definition of 'building' includes proprietors' improvements and fixtures, it is necessary for the value of all such improvements and fixtures to be included in the final valuation figure.
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Projected changes in the BPI are updated quarterly, so it is essential to review your insurance policy annually.
Our Building Insurance Valuers in Melbourne, Brisbane, and Perth will provide appropriate comments in our reports, including any disclaimers or advice limitation clauses related to the assessment. Moreover, we will ensure that any areas of concern identified are communicated to our clients.