Reinstatement Valuations/Insurance Valuations

Reinstatement Valuations / Insurance Valuations

In the event of a claim, the amount paid out by Insurance Companies will usually depend on the building being adequately insured at the time of the incident. So it is extremely important to get, and maintain, adequate cover; and yet, there are still property owners who hazard a guess, or confuse reinstatement valuation with market value.  The market value of your property has no direct relationship to the rebuilding cost of your building.

There are many choices a property owner can make in the selection of a buildings insurance policy but they all rely on one essential premise; that the building reinstatement cost has been accurately assessed.  It is the first thing an underwriter will ask for and if the assessment cannot be provided you will be advised to commission a professional valuation before an insurance quotation can be provided.

The sum insured under a buildings insurance policy must be the full rebuilding cost of the property. The sum insured is the amount of money for which your property is covered. It is the most your insurers will pay under any circumstances. You must calculate an adequate sum insured to avoid claim payments being reduced because of under-insurance and is your responsibility to get the sum insured right.

A Rebuilding Cost Assessment will normally be carried out by taking detailed measurements of the property and using the rebuilding cost information provided by BCIS. However, this may not be appropriate in certain circumstances where the method of Rebuilding Cost Assessment will need to be specially determined. At Salter Rex, we prepare professional Valuations / Rebuilding Cost Assessments for insurance purposes and we have direct access to Rebuilding Costs information under the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors

We have many years of experience in providing reinstatement cost assessments for insurance purposes, of buildings of all types. We provide annual reviews for many clients, both via index linking to allow for inflation, and periodic re-assessments to cater for variations in building costs in different sectors of the construction industry.

We are happy to provide advice as to Insurance Valuations in respect of both residential and commercial properties.
Back To Top
The cookie settings on this website are set to allow all cookies to give you the very best experience. If you continue past this page without changing these settings, you consent to this. You can change your cookies settings at any time in your browser.

More Information     No Thanks