The valuation figure is the sum you are required to declare on your insurance proposal form as the cost of rebuilding your property in its present form, should it be destroyed by fire or some other calamity.
If the figure is too high you are over insuring and wasting your money. If the figure is too low consequences are more dire in that the process of “average” may be applied to any claim you make, significantly reducing the amount the insurance company may pay you. It is therefore important that the figure is properly calculated and you have the peace of mind of relying on professional advice.
Whilst the calculation of insurance reinstatement values can be relatively straightforward for individual residential properties, larger estates or more unusual properties, including commercial properties, require individual consideration.
It is vital that a property owner or landlord ensures that his asset is insured for the correct figure in the event of either a total or partial loss. Our Building Surveyors can provide valuations for the reinstatement of buildings so that if a loss does occur, there would be no difficulty in recovering sufficient funds from the insurance company under a claim to rebuild the property to a satisfactory design and specification.
Please contact Christian Bostock for further information.