Rebuilding Cost (Insurance)
- An assessment of the rebuild cost for use with building insurance policies.
- For houses, bungalows, individual flats, or blocks of flats and maisonettes.
- The sum insured will often be quite different to the market value for sale
It is important to ensure you have adequate insurance cover in case your home is damaged or destroyed by fire, flood, storm, subsidence or other peril. If your property is underinsured, you may not be fully compensated if you need to claim. If you declare too high an insurance value, you may be paying unneeded premiums. Many website calculators will not include all the factors necessary for an accurate rebuilding cost assessment.
Curchod & Co will visit your property to understand it's general size, standards of construction, quality of fittings such as kitchen and bathrooms. We consider issues that might affect building costs such as difficult site access. We use Building Cost Information Service (BCIS) data, also used by the Association of British Insurers which we adjust to reflect your specific property.
- A complete loss and rebuild of the property to a modern equivalent is assumed.
- Generally allows for demolition of remains, reconstruction and professional fees.
- Allows for the main building structure fabric and fittings but excludes contents.
- Garages, outbuildings, common parts, hard landscaping, garden walls and fences should be included.
- Listed and unusual buildings need special consideration as standard cost data might not be appropriate.
- A reassessment is recommended every few years as Index linked policies may not reflect local trends and all changes in standards.
- Extensions and alterations to properties will affect the rebuilding cost.