Barrett Corp & Harrington articles are relevant and enlightening to anyone who wants to know more about getting an accurate buildings insurance valuation.
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. Non-standard buildings are typically older and constructed with more expensive or unique materials. As well as the construction materials, skilled labour and the location play a big part […]
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.
We are always up to date with all matters related to building costs and reinstatement costs for properties.
Factors include: the property has been ‘souped-up’, the building sum insured has been based on market value and, the value has been based on a developers’ costs.
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.