Update your reinstatement cost assessment

hot air balloon and buildings

The only thing certain in life is change. As the years pass, the reinstatement value of your property changes too.

That’s why its important to have your building insurance valuation updated regularly. RICS Guidance, and best practice, recommends an annual increase in line with inflation with a “Major Review” taking place at Year 3.

As an RICS regulated company, to keep your RCA up to date, BCH offer our Major Review service 3 years after the date of our original survey which in most cases can be undertaken remotely subject to there being no substantial changes to the property.

By keeping your valuation updated, you can rest assured that your insurance policy will continue to keep your property protected in the case of a claim.

Knowing how busy life and work can get, we will contact you in advance of the three-year anniversary of your survey and provide you with a quotation.

RICS guidelines advise a review every three years

It is possible your insurers will index link the value of the property year on year — from the renewal date.

Property owners often consider the cost of regularly updating their building insurance as an unnecessary expense. Annual “indexed” updates may seem to be a convenient and cheap way to maintain cover.

But this often results in either over-insurance and inflated premiums or insufficient cover and exposure to huge risk.

This is why it is recommended that your Reinstatement Cost Assessment should be reviewed and revisited on a five/six year cycle. This will ensure it remains accurate and correctly protects your property.