Have you checked how much your property costs to rebuild or do you rely on the buildings insurance company or broker? Robin Thorp, Chartered Building Surveyor at CADS discusses the importance of accurate information.

Why is it important to establish an accurate assessment of your rebuilding cost?

When taking out buildings insurance you might not receive the full value of your insurance claim if your property is undervalued. On the other hand if the rebuild cost is overvalued on your insurance policy, you are likely to be paying excessive premiums. At CADS  we can assist customers by calculating the correct value for which the property should be insured. This survey can be undertaken on a one-off basis or reviewed annually where required.

Why not ask an Estate Agent to value my property and give this figure to the insurance  broker?

The distinction should be made between what a property is worth as a financial asset (Market Value) and what it costs to build or be rebuilt. Famously the ‘Location, Location, Location’  influence upon market value is amongst those which have no bearing at all on building cost. CADS Building Insurance Cost assessments are produced using published building cost information from recognised industry sources and follow the guidelines recommended by the Royal Institution of Chartered Surveyors.