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01438 579770

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01438 579770

Duncan Clark Insurance Brokers

Signed in as:

filler@godaddy.com

  • Home
  • Property Professionals
    • Professional Indemnity
  • What We Do
    • Travel Insurance
    • Property
    • Private Clients
    • RebuildCostASSESSMENT
    • Quote and Buy
  • Who We Are
    • About
    • Why DCIB?
    • The Directors
    • The Team
  • Contact Us

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Rebuildcostassessment

What is it?

RebuildCostASSESSMENT can assist you by providing an affordable and professional buildings insurance valuation.

Why do I need it?

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. 

What happens if the Buildings Sum Insured is incorrect?

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. 

What is the Average Clause?

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.

Why can't my broker tell me the rebuild cost?

Setting the correct reinstatement value is the responsibility of the policyholder.

How much is it?

  • The cost for desktop valuation is £145.20 inclusive of VAT.
  • The cost for an enhanced desktop valuation is £378.00 inclusive of VAT.
  • The cost for a full site survey starts at £522.00 inclusive of VAT.


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.

How do I arrange a survey?

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.

Further information

You can view and download our information leaflets at the bottom of this webpage.

All about RebuildCostASSESSMENT.com

How much property insurance do I need?

What is the Average Clause?

RebuildCostASSESSMENT Commercial (pdf)

Download

RebuildCostASSESSMENT Homeowner (pdf)

Download

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