Accurate Insurance Coverage: Why Performing a Replacement Valuation Every Three Years is Critical
Insurance plays a vital role in protecting your Scheme. Without regular replacement valuations, the risk of underinsurance increases — especially as building costs rise.
Here’s why a 3-year valuation cycle is essential:
- Avoid Underinsurance – Outdated insured values may leave the Scheme exposed in the event of damage or disaster.
- Compliance – The Body Corporate, represented by the Trustees, is legally responsible for obtaining a replacement valuation at least every 3 years to ensure adequate cover.
- Peace of Mind – Accurate insurance means owners are financially safeguarded when it matters most.
Need help arranging your next valuation? ANGOR works with trusted professionals to keep your cover accurate and compliant.
It’s AGM season: Is your building’s replacement value updated?