It goes without saying that as an owner of a property it is essential that your asset is fully insured with an adequate level of cover for an appropriate sum. But what is an appropriate sum? This is not something that a lay person can readily assess but the implications of an inaccurate assessment are significant.
Over insure and you will pay excessive insurance premiums. This can be particularly significant for clients insuring medium to large portfolios of property or residential blocks.
More seriously, if you are under insured you run the risk of an insurance company limiting or even refusing to pay out on an insurance claim and leaving you in a perilous financial situation in the event of major damage.
Under insurance can occur when:
For owners of individual dwellings or those with a duty to insure residential blocks, Peter Barry are able to assist in providing what is known as an Insurance Reinstatement Valuation. This is a calculation to provide a figure representing the cost to reinstate a property in the event of it being destroyed.
It is generally recommended that a Reinstatement Cost Assessment is updated every three years or more frequently if a property has been extended or altered. It is therefore important to have a periodic and professional assessment of your property to calculate a suitable sum.
This involves an inspection of the building to understand the age, accommodation and construction, taking measurements and running a calculation to industry standards.
If you are responsible for insuring a building and are not confident that you are insured for an adequate sum, please do not hesitate to send a message via our Contact Us page, or call our team on 020 7183 2578 for more information and a free quote.
A recent survey found that almost three in five (59%) said that after lockdowns lift, they would like to work from home some or all of the time in their current job. The creation of a home office space is therefore going to be a priority for many people in the months ahead. If you have the luxury of a spare room that’s great ... Read More >>
Of all taxes, Stamp Duty Land Tax (SDLT) is one of the more debatable (and liked) as it significantly slows the pace at which the housing market can operate. It is particularly restrictive on first-time buyers who make a significant contribution to a functioning market. Less first time buyers, less second-time buyers to buy ... Read More >>
One of the most common reasons for leaseholders wanting to extend their leases is the need to sell. A property's value decreases along with the lease, with a 70-year lease worth around 90% of a 100-year lease, whilst a 60-year lease is more like 80%. The basic mathematics of the lease extension process means that the cost of ... Read More >>