Building insurance valuations for a single property or whole portfolio
Not to be confused with a market valuation a building insurance valuation or reinstatement cost assessment, as it is sometimes called, is an exercise to assess the replacement cost of a building on a unit cost basis.
The calculation will include an allowance for demolition, site clearance, fees and inflation. Unusual or historic buildings may be assessed on an elemental basis by producing approximate quantities and applying appropriate construction rates.
A calculation is required even for a new building because the contract value does not represent all that has to be taken into account in the sum assured.
It is often forgotten but an altered or extended building should be re-assessed because the reconstruction cost will have changed; again this is not simply a case of adding the contract value to the previous sum assured but a new assessment of the building as a whole.
Single buildings, buildings of different age and construction, property portfolios can all be valued.
The sum assured should be periodically reviewed, at least once every five years, because the indexing applied by insurance companies can get seriously out of step with current construction costs. Over insurance results in paying too high a premium, under insurance risks inadequate cover if you have a claim.
We generally quote fixed fees for building insurance valuations so call now for a no obligation quotation.