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INSURANCE REINSTATEMENT VALUATION
It is vitally important to have the correct amounts insured on your insurance policies. In the event of a claim, the value of damage will be written down by the percentage the policy is deemed to be under insured by. This could place the property owners under severe financial distress as there may not be enough available finances to restore the property to a functioning asset again.
As quantity surveyors, we are best placed to provide accurate reinstatement valuations based on current building figures for many different types of buildings.
Construction costs have risen substantially in the past 3 years. It is certain that if policies have not had their amounts insured reviewed in this time, policies will be under insured.
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