Buildings Insurance Valuation: RebuildCostASSESSMENT

RebuildCostASSESSMENT can help you by providing an affordable and professional property insurance valuation for your buildings.

If you are a property owner, we recommend conducting a survey every three years to determine the reinstatement value. This survey will help establish the reinstatement cost of your property, which is essential for achieving an accurate property insurance valuation and setting the correct Building Sum Insured.

It's crucial for your insurance policy to reflect the reinstatement cost instead of the market value, as these figures differ significantly. The cost of purchasing a property does not necessarily equate to the cost to rebuild it, making a RebuildCostASSESSMENT vital for adequate insurance coverage.

If the Building Sum Insured is set too low during your property insurance valuation, 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').

On the other hand, if the Building Sum Insured is set too high, you will be paying an additional premium for coverage you don’t need, which can be addressed through a thorough Rebuild Cost Assessment.

Most property insurance policies include an Average Clause (or The Condition of Average). 

To explain this simply: 

If you insure your property for £500,000 but the actual reinstatement value is £1,000,000, you are 50% underinsured. 

As a result, any claim made under your policy (whether it's for a partial or full loss) will be reduced by 50%. 

For instance, if you file a claim for Accidental Damage amounting to £10,000, the insurer will only pay out £5,000. 

RebuildCostASSESSMENT has also created a short video that elaborates on this topic, which you can view at the bottom of this webpage.

Setting the correct reinstatement value is the responsibility of the policyholder, particularly in the context of property insurance valuation and RebuildCostASSESSMENT.

The cost for a desktop valuation is £149.56 inclusive of VAT, while an enhanced desktop valuation is priced at £390.00 inclusive of VAT. For a more comprehensive assessment, a full site survey starts at £522.00 inclusive of VAT. Our established partnership with RebuildCostASSESSMENT allows us to offer these rates at a preferential price, which is better than what you would find for a property insurance valuation if you were to book directly with them.

If you need to arrange a survey on your property, whether it’s for a commercial or residential property, including a property insurance valuation or a Rebuild Cost ASSESSMENT, please call us at 01438 579770 to discuss further.

You can view and download our information leaflets on property insurance valuation and RebuildCostASSESSMENT at the bottom of this webpage.