It is widely estimated that approximately 70% of UK Buildings are either over-insured or under-insured. Building owners are often either paying too much for their policy or worse still, are risking a shortfall if the policy needs to pay out. 

Our RICS Registered Valuers are able to undertake an Insurance reinstatement cost assessment on single or multiple residential or commercial buildings. 

For single residential units, this service is often combined with one of our RICS Home Surveys, providing a health check for the property and if required, also a Market Valuation. The service can of course still be provided separately. 

For multiple residential units such as apartment blocks, whilst it can be combined with an RICS Home Survey, we often do these as separate stand-alone reports. A Market Valuation figure can be included as an additional service. 

Our reports consider a number of issues including –

Location: Rebuilding the same property in different locations could cost different amounts. 

Construction: With the majority of properties, we are able to calculate a cost based on building the same type of building. However, with some non traditional build properties such as Large panel construction, Wimpy No-Fines, Timber Framed or British Iron and Steel Federation (BISF), we are required to consider the cost of building a modern equivalent.

Condition: Rebuilding is to the same external and internal condition.

It is also important to be aware that how much to insure your property for is completely different to a Market Valuation. It is an assessment of cost, not a valuation. 

Regulated by the Royal Institution of Chartered Surveyors and with most of these reports undertaken by a Chartered Surveyor with close to 30 years industry experience, you can rest assured you are in safe hands with Websters Surveyors. Most of our reports are provided within a week of instruction, often much quicker and we are proud of the quality of what we provide. 

Our services span most of London and some surrounding areas including Hertfordshire, Buckinghamshire, Essex and parts of Surrey and Sussex. 

Please contact us if you would like to discuss your requirements on 020 8017 1943.

RECENT EXAMPLES

Reinstatement valuation of commercial premises with flats above, Ealing, London, W13

 This property comprised a ground floor car dealership, with showroom and workshop, together with two converted flats above.

The landlord needed an updated insurance assessment for reinstatement, so that the correct level of cover was obtained, and he had sufficient details to apportion the service charge provision for reimbursement from the respective leaseholders

Insurance Reinstatement Assessment, Ealing, London, W5

The property was a four storey Victorian mid terrace house that had been re-configured internally to provide four self-contained flats of similar specification.  The valuation includes the cost of reinstating the fabric of the building to include the walls, floors, roofs, stairs, partitions, doors, windows and the internal fixtures and fittings, to include the mechanical and electrical facilities within the interior of the building. In addition, an allowance was made in this case, for boundary walls and fences, retaining walls, patio and canopy. We were able to ensure that our client was adequately covered in monetary value for the reinstatement of the property under normal risk terms, and not over or under insured.

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