Make sure your property is properly insured to cover the cost of a rebuild

Ensuring the property you own is adequately insured is essential to being able to rebuild your property in the event of a total or partial loss.

But how do you know how much it would cost to re-build it?

Are you under-insured and what are the consequences?

Most insurance policies will include an average clause, which essentially means that if you are under-insured, then you will not be paid out the full cost of reinstating your property.

If your declared value is too low, then you run the risk of not being able to rebuild your property following a loss, such as fire.

There are a number of important things to consider when looking at the costs involved of putting your building back together again, and as such, there is no substitute for a professional building valuation.

Good practice suggests a desktop review should be undertaken annually, but it is certainly recommended that a professional reinstatement cost assessment (or re-build valuation) is carried out every three years.

If you have made significant changes to your building recently, then now would also be a good time for a valuation.

Following receipt of a reinstatement cost assessment for insurance purposes from a RICS regulated firm, such as Flude Commercial, not only will you have peace of mind that you are insured correctly, but in addition there are a number of insurers who will agree to waive the average clause for a period of time – often as long as three years.

While a correct re-build sum will save you hassle, time, money and potentially your business, the report may also identify over-insurance, and could therefore even produce a reduction in your current insurance spend.

Either way, for the cost involved, this is a thoroughly recommended service brought to you by a firm of suitable qualified professionals.

For further information, or to obtain a fee quote, contact the Flude Commercial Chichester office on 01243 819000.