Stockport based C&C Insurance Brokers have announced a new building valuation service that can help make sure properties are correctly insured.
Whenever a property, either commercial or domestic, is insured, the cost to rebuild the property in the event of total loss must be provided, however, many are unaware what this means and may over- or underestimate this figure. The Stockport insurance brokers hope that their new building valuation service will help ensure the correct pay-out, should an insurance claim need to be made, as well as potentially resulting in lower premiums.
Jayne Wilson, Property Development Executive at C&C Insurance Brokers explains the rebuild cost and how this can affect your insurance policy:
The building sum insured, also known as the reinstatement value, reflects the amount an insurer would pay to rebuild your property from scratch, including materials, labour, debris removal, demolition and professional fees.”
“This is where we often see mistakes being made when it comes to taking out an insurance policy on a property. The consequences of under declaring your building sum insured can result in a significantly reduced payout on any money you could receive from the insurance company in the event of a claim. Over-insuring can mean an unnecessary increase in insurance premiums.”
“The building valuation service is a reliable way to help accurately calculate your property value. Provided by a ‘Regulated by RICS’ organisation you will receive a comprehensive report, via our online facility, guiding you on how much you should insure your buildings for. Our team can use this report to notify the insurance company of the correct reinstatement cost and therefore ensuring you are correctly covered.”
“Building sum insured is not the same as market value and that is why we would recommend using a professional service to provide a valuation. This is very quick and easy to do and will provide peace of mind that you are correctly insured.”