Insurance Reinstatement Valuation
from £750 + Vat
An insurance reinstatement cost assessment is used to calculate the potential cost to rebuild a property and provide a ‘day one reinstatement’ figure, also known as the declared value. It is essential for property owners to arrange regular assessments of their property to ensure that they are adequately insured in the event of a fire or other total loss event.
The cost of building materials and labour has risen significantly. It is important your property is insured for the correct amount, undervalued properties may result in insurers not paying out the correct amount you need in the event of a claim.
The reinstatement cost (also known as rebuild cost or building sum insured) of your property, is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed. It includes costs of clearing the site, materials, labour and professional fees.
It is not the same as the value of your home. Reinstatement costs are for an accurate reconstruction of your property whereas market value is simply what the property is worth as a whole finished product.
A reinstatement valuation is required for building insurance applications and is the amount of money for which your property is insured in case of total loss. Having an accurate reinstatement value is vital to both commercial and residential clients to ensure, in the event of a claim, that they are neither under nor over-insured.
In many instances, proper insurance is a specific requirement under the terms of a commercial lease, or a policy that is required by mortgage lenders prior to lending.
Pearl can provide professional advice on the estimated reinstatement costs of your asset for insurance purposes, ensuring the continued protection of your investment. Accurate assessments are essential to ensure that the full extent of any loss is properly covered. Our valuations use the most up to date data provided by the Royal Institution of Chartered Surveyors Building Cost Information Service. (BCIS)
When insuring your home or building, it is not generally suitable to insure it against its sale price or current market value. A reinstatement valuation should be undertaken to ensure a more accurate valuation for insurance purposes. Our reports are concise and easy to navigate enabling us to provide a cost effective and prompt service whilst allowing you to access the information you need without unnecessary narrative.
At ECS, we pride ourselves on providing a full service solution, allied with a friendly, capable, personal approach, ensuring we offer fast response to client’s requests and impartial, professional advice in all areas of insurance and risk management solutions for individuals, SME and corporate businesses of all sizes, in any sector, and any location.
We have built our business around the cornerstones of trust, reliability, integrity and confidence, and offer our clients total commitment in meeting their specific requirements.
With expertise in a wide range of business sectors, we understand that no two clients’ requirements are the same, and aim to gain a first hand understanding of the risks and challenges faced in order to provide the optimum, bespoke solution.
ECS is a trading name of Brown & Brown Insurance Brokers (UK) Limited, part of Brown & Brown, Inc. one of the world’s largest insurance broking businesses.
Brown & Brown supports our business by providing access to strong insurance partnerships, enhanced insurance products, risk management resources, and the expertise of over 14000 insurance professionals worldwide. To find out more, visit www.bbrown.com/eu
