Valuations (Reinstatement Cost Assessments)

It is important that your buildings are adequately insured.  Failure to insure for the current reinstatement figure can give rise to a shortfall when it comes to reconstructing the building after a major fire or other disaster.  If your insurance company think you are significantly under-insured, then they may pay out only a proportion of your claim.  On the other hand, if your insurance is currently set at too high a figure then you could reduce your premiums.
 
It is usual to recalculate the insurance figure for buildings at intervals of 3-5 years.  In the intervening period, your insurance company will normally wish to apply a standard percentage for inflation so that you do not inadvertently become under-insured.  If you have not had your premises reassessed for more than 5 years, you should take action now!

The Valuation Process

The surveyors from Easton Bevins will visit your premises to measure it and take note of the construction, facilities and other features which will influence the final insurance figure.  Plans of the building are useful in assisting the Valuation, but are often out-of-date or inaccurate and we therefore prefer to take check measurements of our own. 

When inspecting the building we will sometimes come across fittings which are of individual historic or artistic value.  These might include fireplaces, statuary or wall paintings in more prestigious properties.  We advise that these should be valued separately by experts in the relevant field.

The figure calculated on the basis of measurement and inspection by our surveyors will reflect the cost of rebuilding that particular property on that particular site.  The assumption is made that a total loss will occur.  The insurance figure will cover the cost of the building fabric, the building services and fittings, but not the contents such as the furniture, shopfittings and carpets.  The aim would be to create a building of similar appearance and accommodation.  Because existing buildings rarely comply with Regulations and because materials and techniques have changed substantially over the centuries, it is generally not realistic to provide a cost for an absolutely identical building. 

The assessment will include an allowance for professional fees likely to be incurred in the reconstruction. 

Insurance Claims
 
When the worst happens and you suffer from a serious fire or flood or the more insidious problem of subsidence, your insurer will normally appoint a Loss Adjuster to represent them.  You may well need to take independent advice, in which case Easton Bevins can help you through the claims process and reinstatement works.  We have assisted owners of many different types of commercial and residential property over the years with their claims.  Alternatively Loss Adjusters may wish to appoint specialists in the field of building investigation and construction to advise on technical matters.  We can undertake this type of insurance related work.