Are you an Owners Corporation Manager, Insurance Broker or Property Manager ?
Ensure Group Property Valuers have a highly-respected reputation among Owners Corporations, Insurance Brokers and Real Estate agencies across Australia.
We understand your responsibilities to your clients and are committed to providing a cost effective solution to ensuring values are updated annually and your clients are adequately covered in the event of a loss.
In light of legislation requiring Owners Corporations to obtain valuations at least every five years, our reports offer a five year forecast, to help guide you at each Insurance Renewal.
The Victorian Owners' Corporation Act 2006 (Section 59) requires that :
(1) An owners' corporation must take out reinstatement and replacement insurance for all buildings on the common property in accordance with the Act
(2) The insurance required under subsection (1) is insurance for damage to property under which the owners' corporation insures for-
(a) the cost necessary to replace, repair or rebuild the property to a condition substantially the same, but not better or more extensive than its condition when new; and
(b) the payment of expenses necessarily and reasonably incurred in the removal of debris and the remuneration of architects and other persons whose services are necessary, being incidental to the replacement, repair or rebuilding of the damaged property.
The Victorian Owners' Corporation Act 2006 (Section 65) requires that :
1. A prescribed owners' corporation must obtain a valuation of all buildings that it is liable to insure.
2. The valuation must be obtained every 5 years or earlier as determined by the owners' corporation.
3. The owners corporation must present the valuer's report at the next general meeting after it is received.