Are you over or under insured? Possibly paying too much for your Buildings Insurance?
An insurance reinstatement valuation (also known as a reinstatement cost assessment or building sum insured) refers to the amount it would cost to rebuild the entire building from scratch in the event of catastrophic damage. It assumes a total - loss scenario and therefore includes costs of demolition, site clearance, estimates of materials, labour and professional fees.
In order to provide insurance coverage for the premises, almost all insurance providers will require an insurance reinstatement valuation to be carried out by a qualified professional.
Calculating the reinstatement cost of a building is a highly technical and complex process, but accuracy is vital as this is the maximum your insurer will pay out if you claim. Your building should be insured for the-building cost (not what you paid for the property or the current market value).
Even if you have had a reinstatement cost assessment carried out in the past, these can become out of date within a few years. Insurance companies generally index link rebuilding costs year on year, which can distort figures compared to true reconstruction values. The Royal Institution of Chartered Surveyors (RICS) recommends that reinstatement costs are reviewed annually with a desktop assessment, and a full evaluation is carried out every 3 years, or when significant changes are made to the building.
Our valuations use the most up to date data provided by the Royal Institution of Chartered Surveyors Building Cost Information Service.
I felt like Mr Lockwood went above and beyond throughout the survey process. He saved me a lot of time, and potentially wasted money, by correcting me on the type of survey I needed. Mr Lockwood was extremely thorough in his report and ALWAYS answered any call or got right back to me if he was unable to do so. I really felt he was extremely supportive in a delicate matter. You get what you pay for with Lockwood surveys. HIGHLY RECOMMEND
We recently used Lockwood Chartered Surveyors, and I was very impressed with the service provided by Andrew. He was extremely responsive from the outset and proactive in addressing my initial enquiry. The survey was conducted promptly, within the agreed timeline, and the resulting report was detailed and comprehensive. Andrew was also very accommodating to my specific timeline requirements and took the time to clearly answer all of my questions. I found the entire process to be efficient and professional, and I wouldn’t hesitate to recommend his services.
Andrew fitted a valuation survey at relatively short notice. He arrived on time and did a first class job in turning the report around for me. I was happy with the valuation & justifications. Any questions pre & post survey were turned around in a prompt & efficient manner too. I wouldn’t hesitate to recommend or use again in the future.
We used Lockwood chartered surveyors for our RICS help to buy valuation and I highly recommend. Andrew was quick to respond and talked us through the process. Thank you for providing a great service.
Very speedy & straightforward RICS Valuation for my Help To Buy Redemption. Andrew was very helpful & accommodating towards my tight time restrictions.
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The whole process was really smooth. We went for a Level 3 Survey with the additional drone/raised camera package. The level of detail in the survey was excellent, and highlighted some issues that we were unaware of. Thank you very much!