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.
iInsure365 have teamed up with RebuildCostAssessment.com. 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. They will contact you thereafter if taking longer than expected.
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. If they have not been acknowledged on the unit/outbuilding, 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.
The notes within the report set out what is and isn’t included. 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. 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 permission is granted.
Additionally, it will have notes of the assessment.
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.
Regarding listed buildings it is important that you speak to the company direct. For instance, it can be used for residential and commercial buildings.
The assessment relates to the buildings only and not the contents.
However, it is important that you speak to the company direct for more information.
Therefore, 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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