Reinstatement cost assessments for residential properties

We recognise that all homes must be valued differently. Why? Because there are many factors that affect the value of a property.

The materials that go into building a home will all be different. Oak flooring, slate roof tiles or stone walls, the list goes on. All of these details are comprehensively considered by our expert buildings insurance appraisers.

Many owners don’t fully understand the value of the materials used to build their home. And why should they, they’re not builders.

With homeowners choosing many materials in their homes from e.g. Italian floor tiles and wall tiles, German kitchen appliance etc, the fluctuating exchange rates can impact on cost.

Another key factor affecting the value will be the location.

Market Analysis

Infographic showing underinsurance comparison — Our surveys show 81% of properties across the UK are only insured for 61% of their actual value.

The risk of underinsurance for residential properties is very real.

Fact — should a property be under insured, the insurers are not obliged to pay the full costs required to reinstate the building.

They are likely to apply the Condition of Average Clause, whereby the amount of claim is reduced proportionally to the value of under insurance.

Should this occur, the property owner or managing agents (where appointed), will be liable for any shortfall in the insurance settlement.

A scenario most home owners would find very challenging, especially when it could have been so easily avoided.

Facts & Figures

How the value of a property can be affected by market forces.

A pile of bricks — How do you account for the changing costs of building materials?

See this report published by The Independent newspaper which demonstrates how the cost of rebuild can be so easily affected and how it impacts on the value of your property.

“ Supply issues have also driven up the costs of building materials, with brick prices up by an average of 9 per cent, timber and roof tiles up by 8 per cent and insulation increasing by 16 per cent. ”

THE INDEPENDENT Friday 20 April 2018

RCA COMMERCIAL PROPERTY

Infographic — An RCA by BCH covers 31 categories and 83 items.

A fully compliant buildings insurance appraisal for your home.

A Reinstatement Cost Assessment from BCH has been developed over more than 10 years of practical application to over 50,000 properties.

Making a buildings insurance appraisal from BCH one of the most dependable on the market.

BCH Reinstatement Cost Assessments are RICS compliant.