Insurance reinstatement valuations
It is important for building owners and purchasers to know the actual rebuilding cost when advising their insurers of the total sum required on their building’s insurance policy – and this is where Lea Hough can help.
Our specialist RICS Registered Valuers can assess properties and provide Insurance Reinstatement Valuations (Re-building Cost Assessments) for owners of all residential and commercial properties.
Our expert team of Chartered Valuation Surveyors can inspect, assess and undertake calculations to advise regarding an adequate rebuild cost. This is typically achieved by taking detailed measurements and analysis of the property and using rebuilding cost information provided by BCIS and RICS.
As the property owner it is your responsibility to insure for the right rebuilding cost value, to prevent penalties in the event of claims. It is particularly relevant to commercial insurance policies where, in a number of cases, clauses such as “Average” can be implemented by insurers if sums insured are low.
The market value of your property has no direct relationship to the rebuilding cost of your building.