Most people are aware that they need to insure their homes against fire, theft, and other risks, but many are not aware of the need for a Body Corporate Valuation.
A Body Corporate Valuation is an important tool that can help you make sure that you have enough coverage in case your home is damaged or destroyed. Here are four things you should know about Body Corporate Valuation :
1. What is a Body Corporate Valuation?
A Body Corporate Valuation is an estimate of the replacement cost of your home if it were destroyed. The valuation is based on the size and type of home, the materials used in its construction, and the location. The valuation is important because it determines the amount of coverage you need to purchase.
2. Why is a Body Corporate Valuation important?
A Body Corporate Valuation is important because it ensures that you have enough coverage to rebuild your home if it is destroyed. If you do not have enough coverage, you may have to pay out of pocket to rebuild your home.
3. How often should a Body Corporate Valuation be done?
A Body Corporate Valuation should be done every three to five years to ensure that your coverage is adequate. The valuation may need to be done more frequently if you make significant changes to your home, such as an addition or renovation.
4. Who can perform a Body Corporate Valuation?
A Body Corporate Valuation can be performed by a professional appraiser or an insurance agent.
