If you own a house and have a mortgage, the mortgagee (bank or building Society) will require the property to be adequately insured in accordance with the rebuild cost provided by the surveyor carrying out the original mortgage valuation. This should be index linked to ensure that the rebuild cost keeps pace with the rises in labour and materials. If you are unsure, check with your insurer. This practice undertakes fire insurance valuations on all types of property and provides reports.
If you own a flat on lease, it is normally the responsibility of the landlord to insure the block including common parts and garages and to recover the costs from the lessees of the flats by way of a service charge. Regular checks should be made to ensure the block is adequately insured.
If you make substantial alterations to your property, eg a loft conversion or build an extension, or convert an existing outbuilding or garage then you will need to have the rebuilding cost reassessed to ensure you have adequate cover. Insurers need to be advised.
If you fail to insure adequately and are under insured any claim you make may be subject to average, ie you only receive a proportion of any successful claim. Itís better to be over insured by £ 20,000 than under insured by £ 5,000. The difference in annual premium will be negligible and the peace of mind inestimable.
Assessments of properties for insurance purposes are routinely undertaken by my practice. Please telephone or email for a quote.
Claims for insured property damage are handled by this practice and have included damage by river flood, flash floods, burst and leaking pipes, fire, vehicle crash damage and subsidence. Some of these have been devastating to the people living in the affected properties and have in some instances required evacuation and temporary accommodation and removal and storage of all belongings.
If you need to discuss insurance details or damage or require a survey Contact me.