Barrett Corp & Harrington articles are relevant and enlightening to anyone who wants to know more about getting an accurate buildings insurance valuation.
In the majority of commercial or non-standard property insurance policies, the declared value (building sum insured or rebuild value) is critical to set the correct level of insurance cover. An incorrect declared value could result in over-insurance – over payment of premium by the insured or worse still, underinsurance – resulting in a major financial […]
As an insurance professional, you have an obligation to inform customers about the importance of setting the correct buildings insurance cover when advising them on their buildings insurance purchase. The correct cover is of course reliant on them providing an accurate buildings insurance rebuild value. While this is usually standard practice, we continue to find […]
Tourism is a vital part of our economy and historic buildings lie at the heart of the industry. Planning for the cost of historic building restoration and repair is necessary to ensure that these fantastic buildings are well preserved and protected. Tourism industry statistics The UK was forecast to have a tourism industry worth over […]
Gardening and greenhouses have become second homes to many during this pandemic, getting our hands dirty and growing our own produce. Just as you protect your home, protecting your outbuildings and greenhouses is also important – ensuring that your property insurance policy will react in the way you’d expect, and your property can be reinstated. […]
Due to their unique nature, non-standard buildings insurance valuations can be much more complicated to establish – making it difficult to get the correct buildings insurance cover.
Our theatres are part of our heritage, our memories and home to the creative industry which accounts for 1.9 million jobs and £84.1 billion a year! This weekend marks World Theatre Day (Saturday 27th March) and this year will be an online celebration. If like me, you’re an avid theatre fan and have also re-booked […]
“If underinsurance is discovered, then it is likely that the claim pay-out will be reduced”
How does underinsurance occur?
The reinstatement value of your property forms the basis of your building’s insurance cover.
We are often asked why our assessments may differ from a so-called ‘average prices’ found on search engines. At BCH we carry out fully compliant Reinstatement Cost Assessments.
Where BCH haven’t assessed properties before, underinsurance still remains a problem.
It is rare that two blocks of flats look the same externally and almost impossible for the internal lay out and finishes to be the same. So why would they be valued identically using average rates?
BCH has surveyed over a thousand buildings – as a result our appreciation of buildings and the cost to rebuild enables us to provide our clients with highly accurate re-instatement cost assessments.
A flat is insured for half of what it should have been.
We have published a sample Homerate report which is available for viewing.
Reconstruction costs within Prime Central London far exceeds any published data.
BCH experience is that listed buildings cost significantly more to rebuild following an insured loss than unlisted buildings.
The development of a methodology to present reinstatement costs for historic and/or listed buildings, with particular reference to family dwellings.
The fact is that many buildings are underinsured in terms of reinstatement costs.
No two properties are exactly the same. In London this is even more evident. With a wide variety of flats, be they purpose built or conversion, reinstatement costs will inevitably be different.