Insuring your building correctly is your responsibility. Getting the building sum insured right is our job.
Every day we value all types of buildings including factories, warehouses, clubs, industrial units, offices, shops, sporting complexes, hotels, farms and estates, historic and listed buildings and 70% of the buildings we inspected and valued were underinsured.
An inaccurate building insurance valuation and underinsurance can have disastrous consequences for owners and company directors. After a major fire, it is not uncommon for properties to be left fire damaged, for businesses to go into liquidation and for personnel accountable to be sued by shareholders.
Our methodology is significantly more comprehensive than a 'square footage and occupancy method'. We make thorough inspections of each building and identify and record various construction components, services, accommodation, property improvements, age and condition.
Only an independent insurance valuation can help you correctly insure your buildings and site improvements.
Building valuation factors
Independent valuers like us calculate the estimates for these building valuations factors listed below as they contribute towards your building sums insured total. They each are ignored when an insurance valuation is not conducted and this is how people find themselves underinsured. They simply cannot be overlooked.
External services outside 3 metres
Fixed furniture and furnishings
Lead time for demolition, design, approvals, tenders and rebuilding
Special fixtures, fittings and finishes
Legal and professional fees
Local authority requirements
Plant and equipment integral to a building
Special design features
Related zoning restriction
For your current building sums insured have you...
relied on an accountant, architect or a builder's advice, used a mortgage or bank valuation or never had an independent insurance valuation conducted? There are still businesses and property owners who guesstimate or use their market value for insurance purposes. The market value of your property has no direct relationship to insuring your property correctly and it's a risky business relying on it.
These are the most common mistakes people make who then find themselves under-insured and, in the event of a major fire or flood, their insurance policy may not respond in the way they would expect. Don’t wait for an insurance claim to find out you or your client are insured incorrectly.
We urge you to use our comprehensive building cost calculator formulated in connection with The LMI Group. It is to be used purely as a guide but it will allow you to gauge any potential under-insurance of your buildings.