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.