Insurance valuation checklist for strata managers

This checklist is useful before renewal, after major works, when a committee questions whether the sum insured is current or when a broker asks for updated replacement cost support.

A strata building can include common property, services, lifts, car parks, external works and access issues that are easy to overlook if the valuation brief is too thin.

A stronger brief helps the valuation focus on the actual building and replacement-cost risks, not just the last figure on file.

A useful strata insurance valuation should clarify the property type, building scope, common-property assumptions, services, access constraints, external works and replacement cost inclusions.

It should also make clear what has not been included, because committees and brokers need to understand the basis of the figure before relying on it.

This is particularly important for buildings with lifts, basements, podium areas, heritage elements, complex access or recent capital works.

Before requesting a report, gather the plan of subdivision, previous insurance valuation, insurance schedule, recent capital works records, maintenance reports, photos and any information about unusual access or building services.

Where the property has recently completed facade, roof, lift, fire-service or waterproofing works, those details can be important to the valuation brief.

Better upfront records help reduce back-and-forth and make the final report more useful for the committee.

BWK Group can confirm the report scope, the documents needed and whether the property is suitable for an insurance valuation or replacement cost report.

The aim is to give committees, managers and brokers a clearer report structure before renewal decisions are made.

For strata managers handling multiple properties, this creates a repeatable pathway for gathering information before each valuation request.