Insurance Revaluation

A professional revaluation should be carried out every 3 to 5 years.

The reinstatement valuation of your property is the cost to rebuild it should it be destroyed. This includes not just the money required to buy building materials, but also the reinstallation of services and fitted kitchens and bathrooms. The valuation considers the cost of professional fees for architects, surveyors, lawyers and structural engineers as well as the costs for demolition and construction.

The reinstatement value of your property is not the same as the market value of your property. The market value of your property is what it would achieve if sold. This cannot be relied upon to provide a reinstatement value. Using the market value can leave you under insured.

A professional revaluation should be carried out every 3 to 5 years.

You could be paying too much for your insurance if the building sum insured is too high. If it is too low, you run the risk of not being able to rebuild your property in the event of total loss. Other claims may be reduced by the percentage of under valuation where a property has been purposefully declared low to reduce the cost of annual buildings insurance value.

Jennings and Barrett can offer a professional insurance revaluation for any property, carried out by our own RICS consultant surveyor, Paul kemp. Click here to request details.

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