HA Conducts Insurance Valuation

HA writes down Village Schemes
August 29, 2013
HA Writes Off Loans
September 6, 2013

HA Conducts Insurance Valuation

A total of 3,306 homes are scheduled for insurance re-evaluation this year of which 70 percent are complete.

Housing Authority chief executive officer Alipate Naiorosui said, “Our homeowners are covered under a Group Housing Insurance Policy that provides protection against fire, flood, cyclone or earthquake damage. The inspection and re-valuation every two years ensures the homes’ current market and replacement value has been correctly captured”.

Currently less than 30 percent or 990 homes remain to be re-valued which also include homes under Village Housing Schemes in the West and Northern divisions.

“The progress of the inspections is on schedule and is expected to be completed by the end of September, after which Housing Authority will renew the insurance policy that will ultimately benefit all of our homeowners”, said Naiorosui.

As part of this inspection process, Housing Authority also uses the opportunity to identify breaches of lease conditions such as subletting without consent or unapproved extensions. It also updates and corrects homeowners’ contact details and identifies land only customers who have not built within the required 2 year period.

Homeowners can choose to pay for the valuations fees up front or have these charged to their accounts and also have the option to get a copy of their updated market valuation reports.

Housing Authority has also taken the initiative to advise customers who have paid off home loan accounts or are about to pay their accounts off to re-insure their properties as a precaution. A valid insurance policy with the appropriate cover can assist with rebuilding to the actual replacement value of the home should an unexpected event occur.