How a rebuild valuation can impact block of flats insurance
Before purchasing a block of flats insurance, it is important to know the rebuild cost of your property. A precise estimate of any rebuilding work helps your block of flats insurance broker provide you with an accurate insurance quote. If you underinsure your home and need to rebuild your property, you may need to pay the difference yourself.
An incorrect rebuild value could leave you with a hefty property rebuild cost. As a result, it is essential to have the right block insurance policy. At Flats Direct, our block of flats insurance plan covers the full rebuild value of your property. With expert knowledge on this area, we have put together some key points of information below.
Rebuild valuation for flats
The best way to get an accurate rebuild cost assessment is to employ a qualified surveyor. A surveyor can conduct a professional valuation and will provide a Rebuild Cost Assessment. This will normally cost about £450 +VAT for a basic valuation survey. A rebuild cost for insurance will help when it comes to choosing the right amount of cover in your block insurance policy.
What to consider
There are many things that you should inform your block of flats insurance broker about. This is so you will be adequately covered in the event you need to rebuild your block partially or completely. Some factors to consider may be:
- Is there easy access to your block for large construction vehicles?
- Are there weight or height restrictions on your road that may impact building material deliveries?
- Is there space nearby to have a site office?
Your rebuild value must take into account these commonly unexplored factors to ensure you are not caught out!
If you are part of a block management team and would like to know more about rebuild value and rebuild cost for insurance and their impact on your block of flats insurance, contact us. We will provide experienced and professional risk management advice. Call now on 0800 7316242 or 01202 862660 or visit our website to receive your free block of flats insurance quote now.