Establishing an accurate building insurance valuation or often referred to as a rebuild cost, buildings declared value or reinstatement cost can be complex, yet imperative to receiving the correct financial sum in the event of a valid claim.
At BCH, we are experts in establishing building insurance valuations with our RICS compliant Reinstatement Cost Assessments (RCAs) and Benchmark, our desk-based building insurance e-Valuation service.
We work with insurers, brokers, managing agents and directly with property owners to determine professional and accurate building insurance valuations for all types of property; flats, commercial, residential, listed buildings, farms and estates.
We will always advise the most suitable method for determining the correct building insurance valuation, so that an insurance policy will react in the way it is expected to.
Why choose BCH for your professional buildings insurance valuations?
You need independent expertise:
BCH was founded by Insurance Professionals, Loss Adjusters and Quantity Surveyors – so we understand how important an accurate appraisal is for insured customers and insurers to deliver a high standard of service and smooth claims handling process.
We sit on the BCIS (Building Cost Information Service) panel, RICS steering committee for the professional guidance note on reinstatement cost assessments and BCIS Heritage Data Steering Committee.
We directly employ 37 experienced Buildings Insurance Surveyors, providing a nationwide service, with local knowledge.
We put customer service at the heart of what we do and are proud to have achieved a Gold Investors in Customers Award.
We’re recognised and respected by leading insurers.
Why do I need a professional building insurance valuation?
Responsibility falls with the property owner to ensure that the value of the property on the insurance policy is correct – resulting in the correct premium and appropriate insurance cover.
There are many aspects to take into consideration when establishing your building insurance valuation from the structure of the building(s) to the boundaries, including utilities and underground pipes.
Costs of removing debris after a loss as well as architects, surveyors and engineers’ fees are also included.
Typically, the more complex and unique the property, the tougher it is to estimate the value it should be insured for, and the more likely it is, that the property will not be insured for enough.
When you consider all the complexities, it’s easy to see how rebuild costs could stretch into hundreds of thousands of pounds and why determining the correct building insurance valuation is critical to protecting your property and your finances.
What happens if I underestimate my building insurance rebuild value?
If you underestimate or underinsure your building(s), the insurers could reduce, or limit, any valid claim made in proportion to the underinsurance. For example, if you insure for 50% of the correct value, only 50% of your claim might be paid.
With 80%* of properties found to be underinsured, the risk of financial loss due to lack of cover is high, and unfortunately this will only be discovered at the point of claim – when it’s too late to do anything about it.
We recommend that you get the buildings valued by a surveyor with experience of insurance valuations.
How often should I get a professional building insurance valuation?
It’s recommended that a professional revaluation is carried out every 3 to 5 years, because although insurers may index-link the sum insured each year, this is based on national indices and the actual cost changes can vary.