Having an accurate reinstatement valuation for your property is a crucial and often overlooked aspect of insuring a building. Should the worst happen and it is necessary for you to make a claim, the insurance company may find that you have under-insured your property. As a consequence of this you may find that you are unable to claim enough to rectify or re-build your property.
We were recently instructed to carry out a reinstatement valuation for insurance purposes at a property in Ilkley. This was an interesting case due to the large number of bespoke fixtures within the property, a feature which was flagged to us during our desktop survey and conversing with the client.
We recently attended the property to carry out a site survey in this commanding location above Ilkley, overlooking the Wharfe valley. The property was built only 5 years and in a modern contemporary design (design by David McCormack of StudioMap Architects, based in Harrogate).
Due to the unusual bespoke fixture, we approached the task from two directions, one using Gross Floor Areas [GFAs] of the property and applying the correct BCIS Cost Indices rates. In addition we came at it from base-up with an approximate estimate. Both calculations resulted in a reinstatement cost within 5%
This is a service which we are receiving an increasing number of instructions to carry out. If you are concerned about the current re-instatement value of your property, get in touch and we will be more than happy to assist