If you would like us to introduce you to any of the RICS surveyors discussed below, please get in touch.
Rebuild Cost Assessment Survey Reports
An often overlooked obligation of an insured property owner is to provide the correct declared value (the cost to reinstate a building if it were completely destroyed).
There have been some worrying statistics published over the years including research by the Royal Institution of Chartered Surveyors (RICS) in the last few years which estimated that 80 per cent of commercial properties in England and Wales were underinsured and in many examples it wasn't simply a case of being slightly underinsured. There can be some significant variations, which begs the question, why? Some possible reasons are discussed below.
Whatever the reason, if there is a property claim the insurer's loss adjuster may establish that there is underinsurance and may apply the average condition which will in turn leave the insured out of pocket (as they will have to make up the difference to ensure full reinstatement).
So what's the solution? It's very simple - budget for and conduct regular reinstatement cost assessments (RCAs) by an RICS qualified property surveyor to establish the correct declared value in time for the insurance renewal. Many property investors have an ongoing programme of RCAs for peace of mind.
There are three important benefits of having an RICS surveyor provide you with an RCA and declared value.
If you are not sure who to use to conduct an RCA valuation to establish the c orrect declared value of your property, or your current surveyor has quoted you a fee that seems too high, Sirelark can point you in the direction of several RICS qualified surveying firms that may be able to help including the following: