Insurance policies require the policyholder to dictate the sum needing to be insured for the full rebuild cost of their property. This is not the retail value of a property which is unrelated to Insurance rebuild values
Our RICS Chartered Surveyors are experienced in producing VAR (Value At Risk) surveys to give an accurate sum of the building that is to be insured.
This service is often rebranded and re-sold as a product by our broker afffiliates. It is the policyholders responsibility to notify insurers of the rebuilding cost for their property as you know, but always your fault when there is under-insurance!
Asking the policyholder to estimate the value of demolition and rebuilding their property leads to problems. Properties are never the same and rebuild costs are different depending on the quality of the build. Calculations can be complicated, but accurate build costs are usually higher than a policyholder would estimate and this usually equates to more premium for a higher sum insured.
Fencing & Boundary Walls
Hot & cold water
Doors and windows
Outbuildings & Sheds