In the face of potential natural disasters or fires, accurate insurance coverage is essential for strata buildings. But who’s the right expert for generating Insurance Valuation Reports? Meet the Quantity Surveyor – a construction industry consultant renowned for their accuracy and precision.
Insurance Replacement Valuations play a pivotal role in ensuring a building’s proper coverage. Beyond the building’s cost, various critical expenses must be factored in professional fees, inflation, authorities’ fees, demolition, debris removal, and external work costs. The meticulous expertise of a Quantity Surveyor comprehensively assesses and cost-estimates all these aspects, yielding dependable Insurance Valuation Reports.
Unlike Valuers, Quantity Surveyors delve into construction costs, making them construction cost experts. Their involvement spans a project’s lifecycle, equipping them with unmatched insights. Valuers, on the other hand, excel in market value assessments but lack the in-depth construction knowledge Quantity Surveyors possess.
Here’s a quick comparison of their training:
- Affiliated with the Australian Institute of Quantity Surveyors (AIQS)
- Degree in Construction Economics or AIQS-endorsed equivalent
- Expertise in accessing project construction costs
- Affiliated with Australian Property Institute (API)
- Degree in Property Economics or API-endorsed equivalent
- Expertise in assessing property market value
For instance, consider two identical residential apartment blocks – A and B – built simultaneously.
While a Valuer weighs aspects like location, views, and land size, a Quantity Surveyor meticulously evaluates measurements, quantities, rates, costs per square meter, procurement methods, and construction programs.
In the scenario where both buildings are constructed with the same materials and handling, a Quantity Surveyor’s approach focuses on comprehensive cost evaluation. Although the surroundings and amenities might differ, the core construction costs remain nearly identical due to consistent materials, methods, and timing.
In conclusion, Quantity Surveyors bring unparalleled accuracy to Insurance Valuation Reports through their construction cost expertise. When it comes to safeguarding your property investments, partnering with a Quantity Surveyor is a strategic move that assures meticulous coverage aligned with the intricacies of construction costs.