The Strata Schemes Management Act no longer specifies that an insurance valuation is to be obtained on a regular basis, however Waratah Strata Managements policy is to obtain a valuation every 3 years. This valuation calculates the cost of replacing the building should it be totally destroyed and includes the cost of demolition and removal of the debris; architects, engineers and Council fees to have the building redesigned and approved; and the cost of any delays in completing the rebuilding work (up to 18 months).

As most insurance companies recommend an annual increase in the building cover amount, the compounding effect of these increases can result in the building becoming over-insured and you paying higher insurance premiums than necessary. It is for this reason that Waratah Strata Management recommend obtaining a valuation once every 3 years to ensure your building is neither over, nor under insured. We will arrange for written valuations to be prepared by professional valuers on behalf of your scheme and adjust your insurance coverage in line with the valuation report.