Building and Property Valuations
Ensuring accurate property valuations is essential for effective insurance protection. Unlike selling price or capital value, insurance valuations must reflect the true reinstatement cost to rebuild your property, factoring in current costs and inflation.
Why Accurate Valuations Matter
Property valuations for insurance purposes are not the same as the selling price or capital value – the reinstatement cost needs to reflect the replacement cost of the asset as well as inflation to arrive at an appropriate ‘declared value’. It is essential that these assessments are kept up to date; if the figures have not been reviewed for several years, or if there have been any significant changes to the property since the previous assessment, the organisation could be seriously over or underinsured.
How often should you have your Property Valued?
The Royal Institute of Chartered Surveyors (RICS) recommends a full onsite RCA is carried out every three years with costs updated each year based on inflation. Indeed, high levels of general inflation in recent years, combined with labour market and supply chain issues, has put significant upward pressure on building costs and it is therefore even more crucial to ensure reinstatement costs are accurate.
What Zurich Resilience Can Deliver For You
How do Desktop Assessments work?
Desktop assessments* are a great option for some properties as they offer a lower cost option compared with undertaking a physical on-site assessment. They also allow a larger number of properties within a portfolio to be assessed within a given budget.
Use the online form to request a Desktop RCA.
To get started, complete this form.
Our experienced team, led by RICS qualified surveyors, will assess the property and provide an accurate Reinstatement Cost Assessment.
Our surveyor will issue their report providing their proposed reinstatement value. Each property will receive its own individual report, including property description and breakdown of Declared Value
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