Owners Corporations and Insurance Valuations: A fluid concept When it comes to building insurance, the Owners Corporation Act (VIC) 2006 is pretty clear. You simply have to insure your property. The Act says all Owners Corporations must take out replacement and reinstatement insurance for all buildings on their common property. But what amount of cover should your building have? And how often does that value need to change? That’s where insurance valuations come ...