Getting and maintaining specialist valuations will help you get the best from your insurance.
Proper valuation is essential. La Playa can connect you with specialist chartered quantity surveyors and valuation services. The term “specialist” is crucial since the inexperienced valuer may not understand the complexities involved in valuing an historic listed building.
Reinstatement Value vs Market Value
The difference between market value and reinstatement value is crucial, especially for historic buildings. You need to determine how much it would cost to rebuild the entire building using like materials and methods of construction.
A cursory note of the exterior construction is really not sufficient to calculate the rebuilding cost: from the outside, a building may appear to date from the eighteenth century, but the inner timber structure may be fifteenth century. Special features could be overlooked: fireplace mantles, plaster mouldings, carved timber paneling.
Art, Antiques & Jewellery
Changing trends in the art, antiques and jewellery markets mean that the replacement value is constantly shifting - and premiums may need adjustment (up or down). If you’re not aware of the value of your treasured pieces (or if it’s not documented), you could find yourself significantly underinsured. After the trauma of a theft, the last thing you need is the worry of a difficult negotiation over the value of each piece. Regular valuation, photographic records and registering with a specialist database will all help.
Here you can find links to recommended valuers.
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