There is a careful balance to be struck between being over insured (with unnecessary premiums) and risking failing to cover the maximum cost of reinstatement should the worst happen.
Typical insurance policies include a "Condition of Average" clause, which enforces a percentage cap that a building is covered for. This can leave a massive shortfall in the cost to reinstate if the property is underinsured!
It is our experience that following significant rent increases in construction costs over the last few years many properties are under insured.
Glenny's Building Surveying team provide Reinstatement Cost Assessments based on actual current market tender costs along with RICS price data giving a practical and accurate valuation.
For more details please contact Gurb Singh, Divisional Partner in Glenny's Building Surevying Team.
