Building Sector Issues - Building Declared Values
We manage several blocks in London and surrounding counties offering an award -winning, all-encompassing block management package. The rules and regulations that govern block management are numerous and continually evolving. Therefore support and guidance from a competent agent are essential.
Homeowners may be shocked to realise that millions of properties are inadequately insured every year against their true rebuild value. The quality of your insurance cover is as important as the accuracy of the buildings sum insured.
Are you correctly insured? In some cases the landlord or agent selects your insurance policy, but is it correct? Are you sufficiently covered for all potential losses?
If the building sum insured is too high then you may be paying too much. If the building sum insured is too low then you run the risk of not being able to rebuild your property in the event of a total loss and you also may have the problem of claims payments being reduced.
To show an appropriate level of due diligence we would recommend that a full Building Reinstatement Valuation (BRV) be carried out on a 3 year cycle. A BRV should also be carried out when there is a change in the building such as an extension or an improvement.
We will always carry out a comprehensive search for the optimum policy. This will take into account not only the correct reinstatement value but also whether the property is a listed building or is in a conservation area. It should also ensure that any garages or outhouses are also included.
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