Reinstatement Insurance Valuation
Ensuring You’re Not Exposed Should The Unthinkable Ever Happen.
Far too often, commercial and residential property owners neglect to calculate the actual rebuilding costs when advising their insurance company of the total sum needed for their buildings insurance.
So whether it’s commercial or residential, all properties require the owner or the occupier to maintain an adequate level of insurance to cover the full value of reinstating the property in the event of damage caused by insurable risks such as fire, theft or force majeure.
As such, all insurers will ask for an accurate figure for reinstatement purposes, including how much it would cost to rebuild the property using the same materials used initially, and that’s where we come in.
Here at Newman Webb, we can help you accurately calculate your property’s reinstatement value to ensure you are not exposed should the unthinkable ever happen.
Underestimating the value of reinstatement could be costly.
Remember that the reinstatement value is different from your properties’ market value or even the build cost. As it also needs to include the fees of clearing the site and any other associated expenses.
By understating the reinstatement value, you could be left with having to pay the difference between your Insurance claim and the final reinstatement bill, which could prove to be costly.
Without expert advice, it’s far too easy to leave yourself unnecessarily exposed with an inaccurate reinstatement valuation.
How We Can Help
Arrange a review of your property to assess a reinstatement valuation figure accurately
Liaise with insurance experts should reinstatement be necessary
Oversee reinstatement works
Advise on any legislative matters connected with reinstatement