Possibly one of the most overlooked aspects for a property owner or landlord is their building reinstatement valuation.
Much of the time, this is a figure that is hardly considered by the client and unfortunately, occasionally is even based on the capital value of the building.
Property insurance valuations, also known as reinstatement cost assessments are undertaken by a chartered surveyor and other suitably qualified property professionals by way of undertaking a detailed measured survey of the building in order to determine the size of the building, as well as an analysis of the construction of the building in order to determine they age, character and technology used in the construction. This information helps the surveyor determine the insurance valuation of the property.
We regularly come across undervalued insurance cover, particularly when dealing with insurance claims. When a building is under-insured and suffers a claim, the insurer will seek to average the claim down to its insured value.
Hab Consult undertakes property insurance valuations on everything from offices to industrial, from schools to blocks of flats UK-wide.
Through undertaking a thorough measured survey and using real-time market data, Hab Consult offer comprehensive reinstatement cost assessments to provide you with a robust insurance valuation.
We recommend undergoing this exercise every 3 years as insurers calculate the annual premium using inflation, which does not coincide with the construction market.