We’ve written on the subject of building reinstatement cost surveys before. To recap, this type of survey will help you ensure you are covered by insurance, if your building needs a complete rebuild. This might be a result of flood, fire or some other structural failure.
Although very unlikely and certainly unwanted, getting the value correct is crucial. It is particularly important if you have a significant asset to insure. The risk of incorrect valuation speaks for itself in the event of a total loss. It may lead to extensive additional costs or even a complete inability to rebuild the property.
Chawton Hill have been carrying out building reinstatement surveys since our inception. Whether for a residential or large commercial development, the team provide accurate, concise assessments to ensure you have the information you and your insurers need.
What’s New?
So what’s new in the world of reinstatement surveys?
One of the biggest challenges is obtaining an accurate and up to date valuation. As with most things, an initial valuation report can quickly become outdated if properties change or property values fluctuate. The BCIS recently teamed up with an AI firm to create a technological solution which aims to reduce the risk of being under insured. As well as using data to assess and monitor fluctuations in valuation, it aims to ensure regular updates to valuations to ensure correct insurance cover.
Another factor which is affecting reinstatement costs is that of material prices. We’ve discussed the issue of material costs before. However, it’s something often overlooked by people living in or operating an existing building. Recent fluctuations in material and labour costs mean that a reinstatement valued a few years ago may be very different now. Once again, this highlights the importance of regular re-assessments of your assets.
Nothing Stays the Same
Ultimately, as with everything in the world of construction and real estate, nothing stays the same for long. Ensuring your valuations are up to date and current will help you avoid unwanted surprises and provide you with the peace of mind should the unthinkable happen.
Get in touch with the team today for more, we’ll be happy to help.