We provide reinstatement insurance valuations (often known as ‘reinstatement cost assessments or fire insurance valuations’) for residential, retail, commercial and industrial buildings, blocks and portfolios
Our valuation format is easily updated for future revaluations
A Building Cost Information Service (BCIS) report revealed that 80% of properties were under-insured. Sums insured consistently fall behind valuations by at least 20%, if not more. More recent studies reveal almost identical statistics.
2026 saw an incredible increase in subsidence claims, due to the drought. An interesting article by Verlingue insurers on this issue can be found at the link below:
Subsidence risk in dry weather: What property owners need to know
We find that many properties have not been properly valued for the cost of reinstatement for quite some time. Building Regulations requirements have significantly changed. Alterations and improvements have not been taken into account.
Usually, therefore, properties will often be under valued.
According to the Royal Institution of Chartered Surveyors and leading insurers, ideally every building should be revalued for building reinstatement cost valuations at least every five years.
Revaluations will take into account recent variations in construction requirements, pricing and alterations or improvements undertaken since the previous valuation.
Signature Surveyors comply with the Royal Institution of Chartered Surveyors Professional Standard Reinstatement Cost Assessment of Buildings to calculate insurance values for businesses and homes.
Common Issues
Index linking is widely used by insurers, to update the sum insured of a building from one year to the next. Relying on this over a long period of time will eventually lead to errors.
The indexation applied may not accurately reflect ever changing building regulations requirements (especially for energy performance) and construction cost inflation (Zurich Insurance).
Most importantly, index-linking and the risks associated with the ‘Clause of Average‘ can reduce any payable claim because of under-insurance, which can turn out to be quite some loss to the insured.
Contact us for some free advice on assessing if you are adequately insured on 01892 710765.