Changes To Insurance Valuations for 2015 Article Reveals Surprising Facts For Strata Managers

Independent Inspections’s latest article takes on misconceptions about Changes To Insurance Valuations for 2015 and sets the record straight with several useful facts for Strata Managers.

Brisbane, Australia – April 14, 2015 /PressCable/ —

As part of their ongoing efforts to provide the best information on Insurance Valuations for 2015, Independent Inspections has published a new article entitled Changes To Insurance Valuations for 2015 which sheds light on the most important aspects of Insurance Valuations for Strata Managers. Interested individuals can view the full article at http://iigi.com.au/services/strata-services/insura….

Below are some of the critical things to know about Insurance Valuations in 2015 to stay safe..

One of the most surprising pieces of information in the article is the fact that not having the right insurance valuations can be a costly exercise. An insurance policy is a mechanism to protect the things of great value. They can vary from a unit to a motor vehicle. Determining the replacement value of a building can vary by its type and construction.

In discussing the article’s creation, Peter Greenham of Independent Inspections said, “Holding strata insurance is mandatory for strata schemes around Australia. Some strata schemes are under insured and it is best practice to obtain an independent insurance valuation once every five years.”

There was one particular building used as a case study, where the building experienced a fire, it happened to be two commercial units. The site was fenced off as it sat idle for twelve months. Then the rubble was removed after 14 months and the site was bare for another six months. Then, 18 months after the event, construction of the building finally was started. The building was completed 26 months after the initial event. “This is where the loss of rent is included in the insurance policy, to cover costs of lternative premises until the building is rebuilt“ says Peter.

Strata Managers can find the most up-to-date version of the article at http://iigi.com.au/services/strata-services/insura…. To find out more information about this topic contact Independent Inspections via their website: http://iigi.com.au

For more information about us, please visit http://iigi.com.au

Contact Info:
Name: Peter Greenham
Email: info@iigi.com.au
Organization: Independent Inspections
Address: Head Office 479 Underwood Road Rochedale South Qld 4123
Phone: 1300 857 149

Release ID: 79522