There are many factors that affect the rebuild value of a residential property. The more unique the property, the more complicated it is to determine an accurate rebuild value.
It’s the responsibility of the property owner to provide an accurate rebuild value for the correct insurance cover.
If it’s not accurate, you could pay too high a premium, or more likely, you could be underinsured.
If that’s the case, the insurers are not obliged to pay the full costs required to reinstate the building. This is applicable no matter what size the claim is or the amount of damage to the property.
A Reinstatement Cost Assessment is a site-based survey which will provide you with an accurate rebuild value. This will ensure that your insurance policy to reacts when you need it to – providing the correct financial cover, so you’re not left out of pocket or with repairs you cannot afford.
We can also offer our desk-based Benchmark e-Valuation service for residential properties with a Declared Value up to £2M.
Typical features which make up a rebuild value:
- The structure of the property
- All fixtures and fittings e.g. kitchens, bathrooms
- Materials such as oak flooring, stone walls, slate tiles
- Oil & gas tanks and cesspits
- Permanent swimming pools
- Tennis hard courts
- Walls, gates, fences and hedges
- Terraces and patios
- Drives and paths
- Car ports and garages
- Sheds, greenhouses, summer houses and other buildings
All of these details and any other unique features are accounted for by our expert buildings insurance appraisers.