Insurance Valuation or Rebuild Value
A Buildings Insurance Valuation or (Reinstatement Cost Assessment) is an assessment of how much it would cost to rebuild the property on the basis of total loss, including situations of of a fire or collapse and enables you to insure it for the correct amount.
An accurate cost assessment is important to ensure your building asset is insured for the correct amount, avoiding situations of under and over insurance. If your property is undervalued, insurance payments may not adequately cover the cost of rebuilding. Likewise, if the building is overvalued, your insurance premiums will be higher than they need to be.
We are experienced in preparing Reinstatement Cost Assessments for building insurance purposes and carry out inspection for a wide range of property types including listed properties.
This includes visiting the property, taking measurements to calculate the floor area and surveying the type of construction and fittings in accordance with RICS recommendations. Our ability and skillset allows us to accurately measure and assess construction in order to calculate the building’s reinstatement cost using current building cost indices and making a detailed assessment of other important factors including, demolition, site clearance, specialist features, site topography and fees.
RICS recommends that full reinstatement cost assessment is undertaken every three years and whenever there are significant changes to the buildings such as construction of extensions.
The assessment becomes more complicated when specialist buildings are involved. Surveyors need to be able to assess traditional buildings such as factories, office blocks or educational establishments though an experience of appraising listed buildings or specialist structures will often be required. Every year we undertake insurance valuations for a variety of residential and commercial properties.
The fee for providing a Reinstatement Cost Assessment for insurance purposes will be dependent upon the size, complexity and location of the property in question. All of our Insurance Valuations are set at fixed a cost and include the inspection, report, discussion and recommendations once the report is complete and in the hands of our clients.
Our Insurance Valuation costs start at £250.
By instructing a RICS regulated firm such as Lawrence & Taylor to prepare a Reinstatement Cost Assessment for insurance purposes, you will you have peace of mind that you are insured correctly.