Fire Insurance Valuations
Every property needs to be insured. Leases often give the landlord this responsibility with the costs being recharged to tenants or lessees.
An underestimation of the insured value can result in a shortfall in insurance cover, and this can lead to claims being rejected or only partially recovered.
There are many generic building cost calculators that can be found on various insurance company or property websites, but there is no substitute for specialist advice from experienced professionals.
Often the repeated index linking of sums insured over many years can lead to there being incorrect cover that is either too high or too low.
These desktop-style exercises also ignore any changes in the building or its surroundings that may affect the level of insurance cover required.
At LBB Chartered Surveyors we provide rebuilding cost advice to landlords or their managing agents, on individual properties and portfolios, helping to ensure that the appropriate level of insurance cover is in place.
Our experience has shown that even on new properties the level of insurance can be wrong.
As part of an assessment we inspect and measure the floor area of the property, any adjoining outbuildings and grounds. We consider the building construction, materials, design, location, surroundings and age, all of which have an effect on rebuilding cost.
For advice, or more information, contact:
