It is essential your home has adequate insurance cover in place for the reinstatement cost of re-building the property, and this should not be confused with the market value. A Building Costs Valuation for insurance purposes should assess the cost of reinstating the main property and all buildings associated with the property, fencing, walls and paving, drainage, cellars etc., and any other ancillary parts of the property such as tennis courts or swimming pools etc.
These costs must be calculated by a surveyor with all the latest information, and for listed buildings, this is a particularly involved process requiring local specialist knowledge. This reinstatement figure should be updated annually when you renew your insurance to ensure you have adequate cover in case of any claim, and it can also help prevent you from being charged excessive premiums.
FIRE INSURANCE VALUATION
Fire insurance valuations are required by property owners on a regular basis, especially when new buildings, or extensions to buildings, have been constructed. Lenders often require fire insurance valuations. Carpenter can provide the valuations required. Our expert valuers provide prompt and accurate valuations of property for insurance purposes. It is crucial for your property, to be mindful of the potentially damaging impact that out of date valuations or undervalued assets can have when facing an insurance claim.
The Importance of Insurance Valuations
Insurance valuations of the buildings and the many types of outbuildings, external features including boundaries, and other assets your property owns are highly recommended by insurers, particularly in the following circumstances:
- Where current valuations are several years out of date
- Where properties and outbuildings are old
- Where a property has undertaken significant extension and alteration
An up to date valuation will ensure that the level of insurance cover provided is appropriate and they are often required as part of the due diligence process when renewing a policy.
What is a reinstatement calculation?
This is the cost to repair, reconstruct or renew the property to a condition equal to but not better than when new. For further information about our insurance reinstatement service, please complete the contact us and speak to a member of the team to discuss your needs and requirements.
The Royal Institution of Chartered Surveyors is a professional body that accredits professionals within the land, property, construction, and infrastructure sectors worldwide.