Many properties on the market are insured for their market value but not for their rebuild valuation which is a major risk with all property matters. A reliable insurance valuation is able to analyse and comment on the condition of the property and is often known as an Insurance Reinstatement Figure.
The reasoning behind an insurance valuation is to apply technique and knowledge in order to create an assumptive price on the whole property, if insurance was ever needed to fall back on. Some cases that need this type of valuation include:
- Rebuilding a property and an insurer has asked for a specialist examination of the costs
- If you have any doubts that your insurance is not applicable
- If you feel you are being over-insured or under-insured
- If you ever need to undertake an insurance claim that states you need a clear and expert insurance valuation