insurance-valuationsInsurance Valuations

This lets you know how much you should insure your home for in the event of damage from flooding, fire or other danger. It covers the complete demolition and rebuilding of the property, and all professional fees involved, although not the value of the land.

Building costs can vary considerably over time, and are not linked to the property’s value. So it makes sense to have a periodic insurance valuation to make sure you are not under or over-covered by your building insurance.

If you are over-insured, and you make a claim, your insurer will only pay up to the cost of true reinstatement, and not for the whole sum insured. If you are under-insured, on the other hand, any payments may be confined to the sum insured. An old building, for example, should be covered for the full cost of reinstatement, which may well be more than the property’s sale value.

 

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