Strata building insurance valuation is an important part of your strata property management. It's one of the duties, just like collecting rent and paying bills. However, the process can be complicated to complete.
What is the purpose of strata building insurance valuations?
Valuations are used in the strata building insurance market to help determine the value of the real property and to develop a request for proposals. The valuation process is a key component in making sure that the strata owners receive fair compensation for any changes made to their properties, even during construction. However, there are so many online websites such as https://archi-qs.com.au/insurance-valuations/ to help you create valuation reports.
Image Source: Google
Advantages of owning a strata building:
With strata building insurance, you can protect your investment and ensure that the units in your building remain safe for your tenants. The five benefits of owning a strata building are:
- The most important benefit of owning a strata building is the requirement to have insurance.
- Short-term or long-term insurance and tax deductions.
- Covering the initial cost of construction, tax savings, and peace of mind in knowing that your investment will pay off in time.
- Strata building insurance premiums are a costly expense, which is why it is important to know what you're getting in return from your premium.
- Strata building insurance provides affordable coverage for all of your unit owners and their property
- It gives you peace of mind knowing that your strata building is covered
- It can be tailored to suit your needs, so whether you have a high-rise or low-rise, the coverages are still the same
- It offers coverage for difficult-to-insure items such as lawns and carports