Developers Consultancy – New Development Questionnaire

As per the Owners Corporations Act 2006, it is a requirement for an OC to take our reinstatement and replacement insurance for all buildings on the common property and obtain a valuation of all buildings that it is liable to insure. Ideally, a valuation should be obtained to determine the replacement value. Typically, property valuers will calculate the reinstatement and replacement value by determining the construction value and then adding 25-30% for additional costs (is removal of debris, consultants fees, escalation of building materials costs) and adding 10% for GST. The replacement value provided here will be the reinstatement & replacement value provided to the insurance agent to seek indicative quotes.