Many insurers will require a valuation of the cost to rebuild your property in the event that it is destroyed by fire or other disaster such as earthquake. This is often referred to as a Fire Reinstatement Valuation and prepared for insurance purposes only. Due to the understanding that our Building Surveys have in regard to the variation of building methods Hampton Jones are well placed to prepare such valuations.
Building costs can change significantly over time and are not linked to the value of the property. Consequently, Insurance Reinstatement Valuations can vary significantly from market values. It is always wise to have your insurance valuation periodically re-calculated to ensure you are adequately covered.A mistake in the assessment figure could seriously prejudice the chances of a successful claim, possibly leaving an uninsured amount or a significant bill for strengthening or repair.
Such valuations provide an assessment of the cost to demolish a damaged building, dispose of the waste, then design, project manage and build a replacement building of a like standard. As buildings vary, both in terms of build quality and historical character replacement costs can vary substantially. Appropriate allowances need to be made in accordance with how labour intensive or costly, in terms of materials and special features, are for any given design.
