Building Insurance Reinstatement Cost valuations
Building Insurance re-instatement cost valuations assess the cost of rebuilding a property in case of total loss (ie. following a deemed destruction).
The sum insured under a Buildings Insurance policy must be the full rebuild cost of the property.
The market value of a property has no bearing on the reinstatement cost valuation.
If your property is under insured your insurance company may well use this as a reason to pay out only a proportion of any claim made, equated to how underinsured you are.
Alternatively if you are over insured the premiums you pay may be too high.
To carry out a buildings insurance reinstatement cost valuation we need to inspect the property to collect all the construct data required, including taking detailed measurements in line with the RICS requirements and use the Building Cost Information Service (BCIS) database to produce the reinstatement cost figure.
The cost of reinstatement cost valuations are affected/tend to be higher in more unusual circumstances ie. Listed Buildings, where location may affect the cost of demolition, regional differences, unusually designed properties etc.
Reinstatement cost valuations for purpose built blocks of flats or flat conversions are also provided.
All our residential valuations are carried out by RICS registered valuers and Chartered Surveyors.
To book an appointment for properties in Kent please contact our Head Office on 01732 752099 or for properties in London on 020 80579890 or by e-mail to firstname.lastname@example.org