Building insurance valuations for strata schemes
Strata Insurance Valuations for Strata Managers & Owners Corporations
Independent building insurance valuations that set the sum insured for your strata scheme — the full replacement cost, prepared by certified valuers who inspect the building. Includes a catastrophe sum insured and a lot-by-lot apportionment. Residential from $825 incl. GST.
Priced by building type and number of lots. Quoted instantly, fixed at checkout.
All prices include GST.
What's included
- Recommended sum insured (full replacement cost)
- Catastrophe sum insured
- Apportionment of the sum insured across every lot
- Common areas & improvements schedule
- Inspection by a certified valuer
- Professional PDF report for your insurer or broker
Upload the strata plan — we read it for you
The lot schedule is extracted from the plan, so you check it rather than type it.
Secure payment via Stripe · Australian-owned
The Basics
What is a strata insurance valuation?
A strata insurance valuation — also called a building insurance valuation, replacement cost valuation or sum insured valuation — tells an owners corporation or body corporate how much to insure its building for. It is an independent estimate of the full cost to demolish and rebuild the building and its common property after a total loss — not what the units would sell for. Land value, sale prices and rents play no part in it.
Getting the figure right matters to every owner in the scheme. If the building is underinsured, the shortfall after a major loss falls on the lot owners as a special levy. If it is overinsured, the scheme pays a higher premium every year for cover it can never claim.
Building costs rise every year, and a sum insured that was right five years ago is very likely too low today. A current, independent valuation gives the committee, the strata manager and the insurer a figure they can rely on and defend.
Meet your legal obligation
Owners corporations must insure the building for its replacement value, and NSW and Queensland require a valuation at least every five years.
Avoid underinsurance
A short sum insured leaves owners paying the gap after a fire, flood or storm — often through a special levy.
Stop overpaying premiums
An inflated sum insured costs the scheme more every year. An evidenced figure keeps premiums proportionate.
Give your insurer confidence
A professional report with a clear method and exclusions answers the questions insurers and brokers ask at renewal.
The Method
How a strata sum insured is calculated
The valuation follows the calculation set out in clause 39 of the Strata Schemes Management Regulation 2016: the estimated cost at the start of the policy of the rebuilding work and payments the policy must cover, plus the amount by which that cost may rise in the 24 months that follow, including all applicable taxes, fees and charges.
Not just floor area × a rate. Demolition, professional fees and two periods of cost escalation commonly add a substantial share on top of the construction cost itself.
Construction cost
Every element priced from the lot schedule and inspection — living areas, balconies, car parking, lifts, pools and common facilities.
Pre-construction escalation
Cost growth over the design, documentation, tender and construction programme.
Professional fees
Architects, engineers, council and certification charges needed to rebuild.
Demolition & debris removal
Clearing the site of the damaged building before work can start.
Insurance-period escalation
Cost growth from the start of the policy to the date a claim could be made.
GST
Added on top so the sum insured covers the full cost the scheme would actually pay.
The Report
What your strata insurance valuation report includes
A report written for the people who use it: the committee deciding the sum insured, the strata manager arranging renewal, and the insurer or broker underwriting the policy.
Recommended sum insured
The adopted figure, rounded up, with the ex-GST and GST-inclusive amounts and the date of valuation and inspection.
Catastrophe sum insured
An alternative figure allowing for the surge in building costs that follows a major disaster, so the scheme can decide whether to take catastrophe cover.
Lot apportionment
The sum insured split across every lot, adding back exactly to the total — useful for owners and their lenders.
Common areas & improvements
Each common facility recorded and priced: lifts, pools, gyms, car parks, driveways, fencing and landscaping.
Valuation calculation
The full build-up from construction cost through escalation, fees, demolition and GST, so every step can be followed.
Building description
Construction, locality, layout of the complex, condition and infrastructure, as observed on inspection.
Basis, method & exclusions
The statutory basis, the method applied and a clear list of what the figure does and does not cover.
Valuer qualifications
The report is issued by a certified valuer and states the assumptions and limitations it relies on.
How It Works
How to order a strata insurance valuation
Upload the plan
Upload the registered strata or survey plan. hovr reads the lot schedule — lot numbers, areas, balconies and car spaces — straight from it.
Confirm the details
Check the building type, the lots and the common areas the scheme has. Your fixed fee is calculated instantly from the building type and lot count.
Pay securely
Pay online through Stripe. Your order goes to an independent certified valuer working in the area.
Inspection & report
The valuer inspects the building and common property, prices the rebuild, and issues the PDF report ready for your insurer or broker.
Fixed Fees
Strata insurance valuation fees
One fixed fee for the whole scheme, set by building type and the number of lots. No travel loading and no charge per lot. All prices include GST.
Residential schemes
Townhouses, villas, walk-ups and apartment buildings
| 1–20 lots | $825 |
| 21–50 lots | $1,375 |
| 51–100 lots | $2,145 |
| 101–150 lots | $3,245 |
| 151+ lots | Quote on request |
Commercial, industrial & mixed use
Office, retail, warehouse and mixed-use schemes
| 1–20 lots | $1,595 |
| 21–50 lots | $2,365 |
| 51–100 lots | $3,575 |
| 101+ lots | Quote on request |
For schemes quoted on request, email admin@hovr.com.au.
The Rules
Strata insurance valuation requirements by law
The owners corporation must insure for replacement value
Across Australia, strata legislation makes the owners corporation (or body corporate) responsible for insuring the building and common property. In New South Wales, section 161 of the Strata Schemes Management Act 2015 requires a damage policy that covers rebuilding or replacing the building, together with the cost of demolition, removal of debris and professional fees. Clause 39 of the Strata Schemes Management Regulation 2016 sets out how the minimum amount insured is calculated — the method a hovr report follows.
How often a valuation is required
NSW requires the building to be valued for insurance purposes at least once every five years, and Queensland body corporate legislation sets the same five-year cycle. Other states and territories each have their own legislation and requirements. Whatever the statutory minimum, insurers and brokers increasingly ask for a recent valuation at renewal, and with construction costs rising year on year, a five-year-old figure is rarely a safe sum insured.
Why the figure is higher than people expect
A rebuild after a total loss is not a new development on a clear site. The damaged building has to be demolished and removed first, the replacement has to be designed, approved and tendered, and the costs keep rising throughout. The valuation allows for all of that, plus escalation across the insurance period itself, because a claim can arise on the last day of the policy as easily as the first. After a widespread disaster, competition for builders and materials can push costs higher again — which is why the report also assesses a separate catastrophe sum insured.
Mixed-use and commercial schemes
A mixed-use scheme, with apartments above shops or offices, is costed in two parts. The residential and commercial components are each priced against their own construction schedule and then combined, so the professional fees and escalation are applied once to the whole building rather than twice. Commercial and industrial schemes are priced against schedules built for those building forms.
This information is general in nature. Owners corporations should confirm their obligations under the legislation that applies in their state or territory.
Why hovr?
Strata insurance valuation vs indexing vs online calculators
Indexing last year's figure or using an online calculator is quick, but neither looks at your building.
| Feature | hovr Strata Valuation | Indexing the old sum insured | Online rebuild calculator |
|---|---|---|---|
| Independent valuer inspects the building | Yes | ||
| Priced from your lot schedule & common areas | Yes | Partly | |
| Demolition, fees & escalation itemised | Yes | Varies | |
| Catastrophe sum insured | Yes | Rarely | |
| Apportionment across lots | Yes | ||
| Meets the NSW five-yearly valuation requirement | Yes | ||
| Fixed fee known upfront | Yes | n/a | Free |
For Strata Managers
Insurance valuations for every scheme in your portfolio
Strata managers carry the insurance valuation cycle for dozens or hundreds of schemes, each with its own renewal date, AGM and five-yearly deadline. hovr turns each one into a few minutes' work: upload the strata plan, confirm the lots and common areas, and accept a fixed fee that is quoted on the spot.
There is no back-and-forth for a fee proposal and no per-lot pricing to explain to the committee. The report arrives as a PDF addressed to the owners corporation, with the recommended sum insured, the catastrophe figure and the lot apportionment set out ready for the AGM motion and the broker.
- Instant fixed quote Fee set by building type and lot count before you commit — easy to approve under delegation.
- The plan does the data entry Upload the registered strata plan and the lot schedule is extracted for you.
- One account, every scheme Order for any number of owners corporations from a single hovr login.
- Ready for the AGM A clear recommended sum insured the committee can adopt, with the method and exclusions stated.
- Ready for the broker Itemised replacement cost and catastrophe cover for renewal submissions.
Who It's For
Strata insurance valuations for strata managers, committees & brokers
Strata Managers
Order valuations for every scheme on your books with an instant fixed quote, and hand the committee a report they can adopt at the AGM.
Get a quoteOwners Corporations & Committees
Meet your insurance obligation and set a sum insured you can defend to owners — without overpaying for cover.
Get a quoteInsurance Brokers
Give underwriters an independent, itemised replacement cost with catastrophe cover assessed, ready for renewal.
Get a quoteBuilding Managers
Supply the plan and the common-area details once; hovr does the reading and the valuer does the rest.
Get a quoteQualified & Independent
Valuers you can trust
Every valuer on the hovr platform holds current registration with either the Australian Property Institute (API) or the Australian Valuers Institute (AVI). Registration is verified before onboarding and must be maintained to remain active on the platform. The valuer works independently of the owners corporation, its strata manager and its insurer.
Australian Property Institute
Australian Valuers Institute
Available Nationwide
Strata insurance valuations across Australia
Building costs differ from city to city, so every valuation is priced against construction rates for the scheme's own state. Same fixed fee wherever the building is.
Sydney NSW
Strata insurance valuations across Greater Sydney, the Central Coast, Newcastle and Wollongong, prepared to the Strata Schemes Management Act 2015.
Get a quote for Sydney →Melbourne VIC
Owners corporation building insurance valuations for Melbourne apartment towers, townhouse developments and regional Victoria.
Get a quote for Melbourne →Brisbane QLD
Body corporate insurance valuations for Brisbane, the Gold Coast, the Sunshine Coast and regional Queensland.
Get a quote for Brisbane →Perth WA
Strata building replacement cost valuations across Perth and regional Western Australia.
Get a quote for Perth →Adelaide SA
Strata and community title insurance valuations for Adelaide and regional South Australia.
Get a quote for Adelaide →Canberra, Hobart & Darwin ACT / TAS / NT
Unit title and strata insurance valuations in Canberra, Hobart, Darwin and their regions.
Get a quote for Canberra, Hobart & Darwin →Common Questions
Strata insurance valuation FAQ
Renewal coming up?
Know what your building would really cost to rebuild.
Residential from $825 incl. GST.
Whether you're due for the five-yearly valuation, preparing for renewal or worried the scheme is underinsured, hovr gives you an independent figure from a certified valuer at a fixed fee.
Order a strata insurance valuation
- Recommended & catastrophe sums insured
- Apportionment across every lot
- Building inspected by a certified valuer
- Strata plan read for you
- Fixed fee, quoted instantly
Terms & Conditions
- hovr acts as an agent connecting clients requiring valuations with valuers operating in the area where the property is located.
- All valuers on our platform are certified and must maintain current registration with either the Australian Property Institute (API) or the Australian Valuers Institute (AVI). Governance and independence are key to a fair market.
- A strata insurance valuation assesses replacement cost for insurance purposes only. It is not a market valuation, a structural survey or a quantity survey, and does not constitute insurance or financial advice.
- Full terms and conditions are available via the links in the footer.