May 13, 2021 | News

Insurance valuations - take professional advice

We can't emphasise enough the importance of making sure that the sums insured of farm and estate buildings represent their full reinstatement value.

If they prove to be too low insurers may apply average and the proceeds of any claim will be insufficient to repair the damage or reinstate the building.

Clients often ask the opinion of their insurance broker but, unless they have a professionally qualified valuer within their ranks, their view on values cannot be relied upon to ensure that sums insured are sufficient. The only way to guarantee that they are right is to have buildings professionally valued at least every 5 years by a RICS accredited valuer or chartered surveyor and then indexed annually. We have so often seen the cost of a valuation repaid many times over when there is a claim and it removes any scope for disagreement or disappointment.

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