Building Insurance Valuations
Building Insurance Valuations are also known as Insurance Reinstatement Cost Assessments. At Silk Sharples Jennings our expert team undertakes detailed inspections and measurements of all types of residential, industrial and commercial properties to allow us to fully calculate the re-building cost of your property for the purposes of insurance reinstatement.
Buildings insurance valuations are extremely important because being valued for the wrong amount of money can lead to problems with any potential claims. Where a property is undervalued for buildings reinstatement cost, this can reduce the amount that the insurance company will pay out on the policy and alternatively, if properties are significantly overvalued for buildings insurance, this can lead to the payment of higher premiums than are necessary.
It is not uncommon for owners to insure their buildings for their market value, which may be very different from the buildings reinstatement cost value and can, therefore, be incorrect.
We work closely with individual clients and insurance brokers to provide a service at all levels to ensure that your property is adequately insured for the correct value and once the initial report and valuation have been calculated the figures can be checked on a regular basis, as all information is then held within our files for future updating.
Get in touch for further advice. Contact us now.
Read Our Reviews
Frequently Asked Questions
This is the total cost to completely rebuild your property from scratch if it were destroyed (for example, by fire). It includes not just bricks and mortar, but also the cost of clearing the site, professional fees (architects/surveyors), and complying with modern building regulations.
Reach out to our team today to find out which survey is right for you.
Yes, frequently.
While market value includes the land and the desirability of the location, the reinstatement cost is based on construction prices. For older, listed buildings or properties built with specialist materials, the cost of labor and authentic materials can far exceed what the house would actually sell for on the open market.