The Australian Institute of Quantity Surveyors believes that requiring residential property owners to engage certified surveyors to conduct building replacement reports could be the key to ensuring homeowners are adequately insured.
The AIQS believes that the proposal can provide meaningful benefits for Aussie homeowners and has raised the issue again after first bringing it to the public’s attention after the Black Summer bushfires.
The proposal would work on two levels – by providing the most correct and up-to-date information to their insurer for accurate claims outcomes, and ensuring that homeowners have a professional replacement and assessment report, which would give insight into replacement or rebuild costs.
CEO of AIQS, Grant Warner, explained that “Most people don’t understand that they may well be significantly out of pocket if a disaster event occurs.”
“And we have quantity surveyors right around the country, and this is the sort of work they do. They’ve got the requisite qualifications and experience to undertake this sort of work.”
The AIQS approached the Insurance Council of Australia after the Black Summer bushfires, which he says “highlighted the issues of insurance and the importance of engaging quantity surveyors… because we became aware that some insurers were getting quotes from builders in say Townsville, in Newcastle to do work in the south coast of New South Wales.”
“Now those builders would have no idea what the costs [are] to build a house there, you need someone with local knowledge and experience.
“A certified quantity surveyor will give you a professional report that can be relied upon.”
He says he has yet to receive a response from the ICA, but does intend to pursue the proposal and lobby governments to take up the proposal.