The Importance of an Insurance Valuation
Insurance valuations of buildings are highly recommended by ARMA, RICS, insurers and other bodies, however the topic does come up quite a lot because they are not cheap as a singular item, although they do generally last five years.
It is crucial for clients to be mindful of the potentially damaging impact that out of date valuations or undervalued assets can have when facing an insurance claim. The task of maintaining accurate valuations can feel daunting and often something that can be put off for ‘another day’ but too often that day never comes and clients/leaseholders are hit with significant losses, as claim pay-outs are vastly out of sync with true values.
Property insurance is based on the reinstatement cost of your building following damage. If your property is destroyed, the insured amount should be sufficient to pay for the full cost of rebuilding or repairing the damage.
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