Our team of valuators provide Insurance assessments for all property types including building developments. If you're a small and medium size businesses; you have a house you live-in; your estate or personal dynamics has probably changed since you first purchased your property insurance policy. Maybe you've added to your space. Perhaps you've moved or added another location. Even if your space is maintained the same for years now. You must have your property re-evaluated, so your insurance is based on an accurate valuation as on date.
In simple terms, value maybe determined under the basis of “Replacement Value” being “as new” or “Reinstatement Value” being the cost to replace, repair, or rebuild the asset to a condition and extent substantially equal to the improvements existing prior to the damage occurring. As building costs increase, it is important to keep your insurance value up to date.
In case of individual house owners its not only about utilizing the purchase price of the property, or a value reflective as per market sale price in your vicinity, it is the cost of rebuilding the improvements as defined under the definition of value as specified within the deemed insurance policy. Likewise, business of any nature and occupier of that property, under insurance of a property will trigger a loss in the event of a disaster. However, in almost all cases if professional assistance is not taken, most businesses’ or property owners have only 50-75% of the correct insurance value insured. This makes the insured party disheartened about the tangible and insubstantial loss which is not settled as expected during an event. An optimum insurance assessment is an estimate of the actual cost to rebuild the asset at the time of the valuation, assuming a total loss situation and a reinstatement with a new building of similar size and materials.
The correct amount of insurance cover is considered crucial in the event of a claim; it also ensures you are paying the appropriate premium for your property with your insurance company. We are always happy to explain the differences between optimum insured value and replacement insured value and help you get optimally insured.
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