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Essential Information for Accurate Rebuild Valuations: A Guide for Insurance Purposes
Wednesday 8th January 2025
Carl O'Boyle BSc MRICS FCIOB MFPWS
When a client requests a rebuild valuation (also known as a reinstatement cost assessment) of their property, a surveyor requires specific information to provide an accurate estimate. The following details are typically essential:
1. Property Details
• Address: Full location of the property.
• Type of Property: Detached, semi-detached, terraced, bungalow, flat, etc.
• Construction Materials: Details of external walls (e.g., brick, stone), roof type (e.g., tile, slate), and any non-standard materials.
• Year Built: Approximate construction date; if the property is listed or has historical significance, this should be noted.
• Size: Gross Internal Floor Area (GIFA) measured in square meters or feet.
• Number of Storeys: Including basements and attics, if applicable.
• Room Count: Number of bedrooms, bathrooms, reception rooms, etc.
2. Structural and Architectural Features
• Extensions and Alterations: Information on any additions or significant modifications, including dates and details.
• Unique Features: Such as bespoke fittings, high-quality finishes, or specialist installations.
• Listed Status: If the property is listed, details of its grade and any preservation constraints.
3. Services and Utilities
• Heating System: Type (e.g., gas central heating, electric, underfloor heating).
• Electrical System: Overview of wiring, any recent upgrades, and special installations.
• Plumbing: Details of water supply, drainage systems, and any notable features.
4. External Elements
• Outbuildings: Details of garages, sheds, greenhouses, or other structures.
• Landscaping: Significant garden features, boundary walls, fences, driveways, patios, etc.
• Site Access: Information on accessibility for construction purposes, which can impact rebuild costs.
5. Documentation and Previous Assessments
• Architectural Plans: If available, provide drawings or blueprints.
• Previous Valuations: Any earlier rebuild valuations or surveys.
• Planning Permissions and Building Regulations Approvals: Relevant documents for extensions or alterations.
6. Insurance Details
• Current Sum Insured: The amount for which the property is currently insured.
• Insurance Policy Details: Any specific requirements or endorsements that may affect the rebuild valuation.
7. Additional Considerations
• Special Requirements: Any client-specific concerns or aspects they wish to be considered in the valuation.
• Intended Use: If there are plans to change the property’s use, which may influence the assessment.
Providing comprehensive and accurate information in these areas enables the surveyor to perform a precise rebuild valuation, ensuring the property is neither underinsured nor over-insured. Accurate rebuild valuations are crucial for determining appropriate insurance coverage, as underinsurance can lead to significant financial shortfalls in the event of a claim, while over-insurance may result in unnecessarily high premiums.
For standard properties, clients can use online tools like the BCIS Public Rebuild Calculator to get an initial estimate. However, for properties with unique features, non-standard construction, or historical significance, it’s advisable to engage a RICS-regulated chartered surveyor for a detailed assessment.
Regular reassessment of the rebuild cost is recommended, especially after significant alterations, to ensure insurance coverage remains adequate and up to date.
