Our buildings valuation service

A service that’s increasingly rare from insurers, we believe it’s an essential part of making sure you get the protection you need.

Our experience shows individuals and organisations often have incorrect levels of buildings insurance. With underinsurance leaving many out of pocket when disaster strikes and those who are over-insured paying higher insurance premiums than necessary, it is important to get an accurate valuation.

We have been providing a valuation service to our clients since 1922. Over the years we have gathered unique insight and data from supporting the rebuild or restoration of many buildings. Using a variety of techniques, including both site surveys and desktop assessments, our team can provide a more accurate valuation.

In insurance terms, the value of the building should reflect the total cost of reinstatement including considerations like architect’s fees, clearing debris and the cost of specialist craftspeople or materials required.

Commercially available reinstatement cost assessment surveys can cost upwards of £500¹, more for heritage and listed buildings or buildings of unusual construction or complexity.

Delivered as part of our overall tailored risk management package and where applicable at no additional cost², our building valuation service saves you these additional fees and time spent sourcing alternative valuation services.

Our valuations mean should you ever need to make a claim on the Buildings section of your policy you won’t be penalised for underinsurance, provided you:

• Choose to insure your buildings on the basis of our valuation
• Keep us informed of any material changes such as renovations and extensions.

Please note that the liability of the company is always limited to the sum insured³.

Factors to consider when valuing your property.

Once your survey is complete, your building sum insured will be linked to an index which tracks material and labour costs associated with that building. This helps to ensure the value remains adequate as the cost of materials and labour change.

We will link your building to either a standard buildings index, such as the General Building Cost Index (GBCI) for commercial buildings or the House Rebuilding Cost Index (HRCI) for residential buildings, or, depending on the age and construction of your building, we may apply the Ecclesiastical Heritage Index (EHI). This exclusive index has been specially developed in conjunction with the Building Cost Information Service (BCIS) for traditional buildings to take into account the cost of materials and traditional craftsperson’s skills more specifically applying to such buildings. 

You can find out more about our risk management capability by speaking with your insurance broker or by contacting our risk advice line on 0345 600 7531.

¹ Based on internet research March 2018

² Subject to qualifying criteria and Terms & Conditions

³ Not applicable for Art & Private Client policies where a different basis of settlement applies. Please speak to your broker for more details.