RebuildCostASSESSMENT can assist you by providing an affordable and professional buildings insurance valuation.
If you are a property owner, we recommend you carry out a survey once every 3 years to establish the reinstatement value.
The survey will assist in establishing the reinstatement cost of your property, which is required to set the correct Building Sum Insured.
It's important that your insurance policy notes the reinstatement cost rather than the market value, as the two are very different. The cost of purchasing a property isn't necessarily the same as the cost to build it.
If the Building Sum Insured is set too low, you will be underinsured resulting in an insufficient amount of cover in the event of a claim, such as a fire or flood. Your policy may also carry an Average Clause which will impact the claim settlement amount (see below FAQ 'What is the Average Clause').
If the Build Sum Insured is set too high, you will be paying an additional premium for cover you don't need.
Most insurance policies carry an Average Clause (or The Condition of Average).
The most basic way to explain this is:
You insure your property for £500,000
The actual reinstatement value is £1,000,000
You are 50% underinsured
Any claim made under the policy (whether for a partial or full loss), will be reduced by 50%.
For example, you make a claim for Accidental Damage at £10,000, the Insurer will only pay out £5,000.
RebuildCostASSESSMENT have also put together a short video explaining this, which you can view a the bottom of this webpage.
Setting the correct reinstatement value is the responsibility of the policyholder.
We have a working relationship with RebuildCostASSESSMENT, so these rates are preferential. The cost of taking out a survey directly with them will be more.
If you need to arrange survey on your property, whether that be a commercial or residential property, please call us on 01438 579770 to discuss further.
You can view and download our information leaflets at the bottom of this webpage.