BUILDING REPLACEMENT & INSURANCE VALUATIONS
What are Building Replacement Insurance Valuations?
An Insurance valuation for building replacement is simply the cost of rebuilding a property following a disaster, irrespective of overall condition of the site or building. Building replacement valuations are typically required for a purchaser’s buildings insurance and should be regularly updated every 5 years. An important distinction to remember is that building replacement insurance valuations are not the same as what the market price of the property would be. A Chartered Surveyor should be well-versed with insurance valuations and provide the building inspection and report that satisfies your needs.
How are Insurance Valuations Calculated?
Making sure that your property is sufficiently insured can make all the difference when your property is unexpectedly damaged. Keeping an updated insurance valuation results in a much easier time receiving fair compensation from your insurance provider and avoiding penalty fees.
When your home or property has faced catastrophic damage, the costs of your valuation should include reasonable compensation for demolition, reconstruction, surveyor, architect and contractor fees. Rebuild costs should also take into account miscellaneous fees such as Value Added Tax (VAT).
Ready to get Started?
A Chartered Surveyor that is RICS Certified should assist you with drafting or renewing your building insurance valuation. Trafford Surveyors has a successful track record of providing surveys and valuations within the Cheshire area; feel free to begin an inquiry through our contact form or by calling us direct.
Phone: 0161 929 8257