Reinstatement cost valuations

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:

  • Suitable advice is not taken at the outset of a policy;
  • A policy has been in place for a number of years with no inflation factor or an inaccurate inflation factor applied upon renewal on a year to year basis;
  • The alteration, refurbishment or extension of a property has not been taken into account.

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.

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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 or call our team for more information and a free quote.

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Justin completed a level 2 survey plus valuation for us recently of a 1980’s 3 bed house. The report was provided promptly and gave us the detailed information we were looking for. Thumbs up also for Jaynell and Maianh for their courteous and efficient service.
We had a great experience with Peter Barry Chartered Surveyors. While their pricing was higher than other RICS Level 3 quotes we received, the depth and detail of their survey made it well worth it. They identified issues that are potential bargaining points in our property negotiations. A big thank you to our surveyor, Justin, for his thorough work, and to Jaynell for seamlessly facilitating the process.
We needed to get a party wall agreement very quickly to prevent works having to stop after our surveyor had to pull out due to illness. We contacted Peter Barry and were able to get a site visit and agreement wrapped up within two weeks. The service was excellent and we were able to start working on our property without delay. Would highly recommend
Bawor, Trina and Team have been amazing from start to finish with the Party Wall matter for my house. Bawor answered all my questions and kept me fully informed throughout the process. I had no worries and felt confident that everything was being handled properly and professionally. I never had to wait, as the team was incredibly responsive, whether by phone or email. Thank you to the team for all your hard work.
I am using Peter Barry to assist with my lease extension application. Although still very early on in the process, I am very happy with the service I have received to date
Every member of staff in this company dealt with our query in a professional,efficient,polite manner.Matthew Price ,the surveyor,
clarified all the issues around Party Wall Awards and we feel reassured that we have all the information required when the work begins.Highly recommend this company.
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