The aim of this endeavor is to enhance the readiness of property owners in case of a disaster, given that individuals seldom comprehend the complexities of insurance Replacement Value, and the corresponding amount of compensation involved. Attainment of sufficient funds can be accomplished by selecting the Building Sum Insured (BSI) Value that encompasses the entire estimated catastrophe cost. Prevailing legislation is characterized by a significant disparity due to the absence of linkage or harmonization in the formulation requirements of Replacement Value with both strata and general home building insurance.
It is widely acknowledged that insurance providers limit their liability to spent costs due to legislative provisions that do not include provisions for additional benefits in cases of destruction, catastrophe, total loss, and constructive total loss—none of which are specified in legislation. There is a divergence in policies regarding the provision and implementation of supplementary benefits in strata insurance policies and a discrepancy with the protection framework regarding the safety net in home insurance policies.

About the Author

Michael's birthplace is the Mozambique capital city of Maputo, historically known as Lourenco Marques. He began his education at St. Peter's Preparatory School in Rivonia, Republic of South Africa, and later completed his studies at St. John's College in Johannesburg. In 1971, he obtained a Bachelor of Architecture degree from the University of KwaZulu-Natal. Following the completion of his mandatory military service as a Second Lieutenant in Mozambique, he relocated to South Africa and began his professional journey with the South African Railways. He successfully ascended to the role of Regional Architect in the Natal System. Having emigrated to Australia in 1988, he was appointed as the Architectural Strategic Facilities Planning Officer at The University of New South Wales. He held the same position at The University of Sydney until retirement in July 2010. Following years of active participation in his strata owners' corporation, a significant underestimation of their compulsory building Insurance valuation motivated him to investigate the issue. After several years, he produced his final manuscript in 2024, Building Insurance: Your Guide. According to Michael, he is the creator of the BSI Value, which is established using current rental values as the primary component for Replacement Value.

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