Robert Bell & Company

Is Your Home Suitably Insured?

24 Nov 2022

Did you know the amount for which your home should be insured is not linked to the price you paid for it or what it would sell for?

Rather it is the cost of demolition of the existing building, clearing away and rebuilding to its existing design, in modern materials, using modern techniques, to a standard equal to the existing property and in accordance with current Building Regulations and other statutory requirements. (Architect’s fees are included; VAT is excluded except on fees).

Construction and material costs have risen sharply during the last two years as a shortage of materials has caused significant supply chain issues. Consequently many homeowners may find that their homes are now underinsured. Increasingly insurance brokers are advising that an updated insurance valuation be provided as opposed to simply index linking the previous year’s figure. In the event of a claim the loss adjustor acting on behalf of the insurer will often first look to confirm if adequate insurance cover is in place. If it is deemed that the property is underinsured they will seek to reduce the insurers liability for the claim. If you require an up to date insurance reinstatement cost estimate to ensure that you have adequate cover please contact our professional survey and valuation team, and we will provide a no obligation fee quotation. 

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