We find on many occasions that landlords as well as Right to Manage landlords/lessees/Right to Manage companies often have a sum insured that is either more than required or less. Both can cause a large amount of problems such as paying too much for your insurance and/or being underinsured which can cause an issue in the event of an insurance claim. An insurance company will only pay out claims in full if the building is insured for the full reinstatement cost.
iInsure365 have teamed up with RebuildCostAssessment.com. So that our clients can organize a very cheap way of checking that their properties are correctly insured. The company will carry out a desktop valuation for you. Taking into account all of the necessary requirements of the Royal Institute of Chartered Surveyors commonly known as RICS.
The assessment will take between three to six working days from the acknowledgement of the order. This is for a guide only and some assessments may be completed sooner. If an assessment is believed to take longer they will contact you.
The RebuildCostAssessment.com reports are quality assured. Prior to release by a member of their experienced team. They have access to up to date reinstatement cost data. Available to guide them as to the reinstatement cost information service compiled and maintained by the Royal Institute of Charted surveyors (RICs).
It is important and your responsibility to take time to enter the full address in which you wish to be assessed including the postcode.
Yes, the assessment will include all units and outbuildings within the boundaries of the property. They will be recorded. If they have not been acknowledged on the unit/outbuilding you need to contact them.
Part of the assessment is the review of the planning applications and these will be taken into consideration. Yet, they may not be aware of all building works that are subject to planning. It is your responsibility to ensure that any recent development of this nature is given to the company immediately.
The notes within the report set out what is and isn’t included and you can check these in advance on their website. We will give you details of what’s in the report later.
The report is valid from the time of the assessment. It makes provisions for inflation or the retail price index (RPI) will be part of the client’s insurance arrangement. But, the inflation provisions can take many forms and you need to check with us. It is your responsibility to ensure that there are adequate levels of cover for the clients building on an ongoing basis. Should you make any significant changes to the property that could affect the property’s reinstatement value such as an extension, mezzanine floor, or new building? You should contact us in this regard.
This all depends on the filing of the report and the later action that you need to take. It may be as we have stated that you may be over or underinsured, this is known as the average clause. As insurers will only pay the full amount of the claim and will only pay the exact costs incurred it is critical to have an up to date reinstatement cost for the insurance.
These findings will not be shared with any other parties unless you give them written permission to do so.
It will have notes of the assessment. This will tell you what has been taken into account and how it has been dealt with.
The rebuild period does take into account that there are many factors when trying to rebuild a property. It is only a guideline in this regard. It is only meant as a guide, not a time frame.
In relation to listed buildings it is important that you speak to the company direct. It can be used for residential and commercial buildings such as a registered office or industrial unit.
The assessment relates to the buildings only and not the contents. Consequently, no allowances have been made for the contents of the building.
It is important that you speak to the company direct as to exactly what is required by you and for what purposes.
It is important to know that keeping your insurance up to date with the correct sum insured can potentially reduce your premium by hundreds of pounds. The cost is not high and we would suggest that you seriously consider carrying this out.
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