By Sara Huber
Huber Dixon Insurance Services would like to welcome ProjectBook members and site users to our first blog.
It is the actual re-build value, including all outbuildings, that you need to insure and not the market value when setting the sum insured for your building.
How do l know how much this is?
If the property has been recently purchased you may have received a re-build valuation or you may have previously requested a valuation of your property from an independent source. If you do not have a current accurate re-build valuation you may want to employ a qualified surveyor to calculate the cost for you. You need to make sure the Sum Insured reflects the Cost of Rebuilding the home including outbuildings, garages, paths and paved areas, walls, fences, tennis courts, swimming pools and landscaped gardens. It should also include the cost of demolition and Professional Fees.
Do I need to take anything extra into account?
Yes, it would be advisable to ensure any policy will either guarantee to re-build your property or provide a safety margin if the actual rebuild cost exceeds the sum insured, which is more than likely with an historical building. You will also need to ensure that the policy includes the following;
Inflation protection, in case the cost of materials increase, which can be in the form of 'Index-Linking' or 'Day One' protection.
Protection for the increased costs associated with any additional building requirements of planning authorities.
Protection for the costs of archaeological survey, if required, following a loss.
Our next Blogs will provide more detail about inflation protection, additional costs by planning authorities and costs for archaeological surveys.
Please feel free contact us for more information on 0845 430 5430 or email firstname.lastname@example.org