H&S carry out professional valuation services for all kinds of property in Devon, to provide our clients with informed, precise cost estimates for rebuilding the structure from scratch in the event of a catastrophic fire. Our Fire Insurance Valuations ensure that our clients and their building insurance providers have all the necessary information and figures required to calculate an accurate reinstatement cost, ensuring that the property is appropriately covered in the event of fire damage.
The Importance of Accurate Building Insurance Cover
If you are a property owner or possess a long lease with liability for reparations, it is essential that your building is adequately insured in the event of a fire. It goes without saying that over-insured buildings are costing owners or tenants huge sums in unnecessary premiums, however failing to insure a building to its maximum value can be even more financially devastating, should the worst happen.
Many insurance contracts include a “Condition of Average”, meaning they are only obliged to reimburse you the percentage that your building was covered for. For instance, if your reinstatement cost is valued at £500,000, but you have only insured it up to the value of £400,000 (80% of its worth), your provider may only pay out £320,000 (80% of your cover). This is true of any amount of fire damage, including complete destruction.
You may have had a Fire Insurance Valuation or reinstatement cost assessment carried out in the past. But are you aware that these figures will be out of date within a few years, particularly if you have made changes to your property? Rebuilding costs are typically indexed by insurance firms year-on-year, which can cause them to become distorted over time, in comparison to their true reconstruction values. That is why the Royal Institution of Chartered Surveyors (RICS) strongly recommends that a new valuation survey is carried out every few years, with updates made annually with a desktop assessment.
Fire Insurance Valuations from H&S
At H&S Surveyors, we have carried out hundreds of Fire Insurance Valuations for many different clients and properties across South Devon. All our inspections and assessments, including market valuations, are conducted in accordance with RICS guidelines, so you can be assured that our work adheres to a clear code of conduct and consistently meets the highest levels of quality. Read more about our team.
Read previous client testimonials.