A Building Insurance Cost Assessment calculates the cost of rebuilding a property, confirming the value for which it should be insured.
What happens if your property is undervalued?
If your property is undervalued, you might not receive sufficient value from your insurance claim to reinstate your property. It is therefore important for private and commercial owners to establish an accurate assessment of the rebuilding cost.
What happens if your property is overvalued?
On the other hand, if your property is overvalued, you will be paying excessive premiums for your insurance, which double be avoided.
CADS building surveyors can provide Building Insurance Cost Assessments, which are produced using published information from recognised industry sources and follow the guidelines recommended by the Royal Institution of Chartered Surveyors (RICS).
One-offs or annual reviews
Assessments can be undertaken on a one-off basis or reviewed annually where required. Although many buildings insurance policies are index-linked, it still makes sense to obtain regular reinstatement valuations to make sure that you have sufficient cover.
If you would like any Building Consultancy advice or need a Building Insurance Cost Assessment, please contact Mark Johnson or Robin Thorp on 01493 412806 or email firstname.lastname@example.org (contact details can also be found at the top of this page).