Why should you be considering a buildings survey?
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Your home should always be insured for the total amount it would cost to rebuild it from scratch. However, fewer than one in ten household properties in the UK are currently covered correctly.
Some people may find that they are over-insured, for example if they have opted to insure for their property’s market value. If you are over-insured, it’s likely you are paying more for your insurance than you need to.
On the other hand, if you are under-insured, you are potentially setting yourself up for thousands of pounds of outlay if you needed to make a claim that your sum insured does not cover.
Did you know?
If you needed to make a claim and were found to be underinsured, your insurer could reduce your pay-out in proportion to the amount you are underinsured by – which could leave you footing the bill for a significant sum.
Don’t leave it to guesswork!
The best way to guarantee an accurate rebuilding cost is to have the property surveyed by a professional. This can either be done in person, or some surveyors can also offer ‘desktop’ appraisals that don’t require anyone to visit.
The surveyor will consider factors such as the size and listed status of your home, building materials and labour costs to determine the amount they believe it would cost to rebuild the property from scratch. This approach offers sleep easy cover and protects you from any financial outlay you may have faced if you were found to be underinsured in the event of a claim.
An appraisal also gives the added benefit of advice on how to manage potential risks in your home. The surveyor will consider your security, fire protections and general maintenance and give recommendations on how best to reduce the likelihood of a claim.
How can Lumley help?
The providers that we work with appreciate that correctly valuing your home can be a difficult and costly process. As a result, many of them have their own appraisal teams or access to independent surveyors and would be happy to offer a complimentary property valuation to help ensure everyone is clear on the values to be insured.
Following a survey, many of our insurers will provide ‘Guaranteed Replacement’ cover for up to five years, which futureproofs your policy against underinsurance. This means that even if the cost to rebuild the property exceeds the reinstatement value noted, you will still be covered for the full amount.
If we cannot arrange a survey through your insurer, we have established relationships with a number of reputable firms who can offer discounts on appraisals to Lumley clients.
An appraisal arranged through Lumley also gives the added opportunity for you to meet with your account handler, which will allow us to gain a better understanding of your requirements and make more personalised recommendations for you.
Some of the major benefits of a survey or appraisal are:
- The peace of mind of knowing that you are fully insured
- Guaranteed replacement costs covered by your insurance policy (subject to the policy wording)
- An opportunity to receive vital risk prevention advice
- A full report provided by an approved professional
- Many of our insurers will cover the costs if they feel an appraisal is necessary
Looking for recommendations on a reputable surveyor, or just interested in discussing insurance for your high value home? Contact us on 01285 885885 or by email to contact@lumleyinsurance and we’d be happy to help.