Insurance valuation is an estimate of replacement cost, what it would cost to bring the specific construction (building) to like for like reconstruction. The calculation of such estimates requires understanding or current building prices and standards as well as allowing for building condition in specific market area.
What you would need Insurance Valuations from Quantity Surveyor?
It ensures that the building is adequately insured if the claim is lodged. It may assist in reducing high premiums, in most cases the insurance companies use data generated construction estimates based per m2 calculation, which may not be accurate for specific area or building elements.
Engaging Quantity Surveyor to prepare insurance valuation estimate ensures cost effective premium and claim.
If the building is uninsured in the case of damage or destruction the insurance company will only pay up to the amount that the property was insured, the additional cost of replacement will be met by the owner.
If the insured value of the replacement is too high, the insurance company will only pay the actual cost to rebuild the property therefore no refund will be provided for overstated premium.
How we estimate replacement cost?
When the replacement cost is estimated the value assumes replacement of the existing structure with a structure of similar size and specification including replacement of existing fixtures and fitting.
It includes provision of the following:
It does not include provision of the following:
If you require Insurance (Replacement Cost Estimate) Valuation please contact BDSA Quantity Surveyors for obligation Free quote
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