Category: Property News

Learn how to avoid underinsurance and ensure full coverage.
InsuranceProperty News
Rebuild Cost Assessments: Why They Matter More Than You Think

When it comes to insuring your home, one critical figure often gets brushed aside: the rebuild cost. Unlike market value, rebuild cost assessments represents the amount needed to reconstruct your property from scratch after a total loss. Underestimating this can leave you exposed to underinsurance, which, in plain terms, could spell financial disaster.

What Exactly Is a Rebuild Cost Assessment?

A Rebuild Cost Assessment (RCA) calculates the total cost to rebuild your property. This includes materials, labour, demolition, professional fees, and compliance with current building regulations.

It’s easy to confuse this figure with market value, but they are different beasts. Rebuild cost ignores land value and market inflation. Instead, it zooms in on what it would realistically cost to replicate your building, brick for brick, in today’s construction economy.

Why Bother With a Rebuild Cost Assessment?

Simple answer? Peace of mind. A spot-on rebuild cost assessment ensures you have the right insurance coverage. If your rebuild figure is way off, you might end up footing the bill for repairs your insurer won’t fully cover. Ouch.

On the flip side, if you overestimate, you might be chucking money down the drain in overpriced premiums. So it’s all about balance. Not too high. Not too low. Just right.

How Do You Calculate the Rebuild Cost?

There are a few ways to go about this:

1. Online Rebuild Cost Calculators

You can find handy tools like the BCIS Public Rebuild Calculator to get a ballpark figure. They’re based on average costs per square metre and adjust for location and property type.

That said, if your property has quirks (hello, thatch roof or Grade II listing), these tools might not cut it.

2. Hire a Chartered Surveyor

For a comprehensive, tailored assessment, a RICS-accredited surveyor is the way to go. They consider every nuance – from that marble countertop to tricky access routes – and factor in current building regs.

Think of it as the difference between Googling your symptoms and seeing a specialist. One might reassure you. The other gives you a solid plan.

People Also Ask

How often should you update a Rebuild Cost Assessment?… Read More

Loss Assessors are Essential for Insurance Claims in England.
Property News
Why Hiring a Loss Assessor is Essential for Insurance Claims in England

With the help of a loss assessor, filing an insurance claim after fire, flood, storm damage, or theft can be a little less overwhelming and frustrating process. Insurance companies appoint their own loss adjusters – professionals who work for them, not for you. Their job may be to reduce payouts, leaving policyholders with settlements that often fall far short of what they deserve.

As an insurance expert, I have seen first-hand how loss assessors make a critical difference in securing full, fair settlements. A loss assessor works exclusively for you, the policyholder, to ensure your insurer properly assesses the damage and pays out the correct amount.

Many homeowners and businesses assume their insurer will act in their best interests, but this is not always the case. A loss assessor takes control of your claim, ensuring no detail is overlooked and no loss is undervalued.

What Does a Loss Assessor Do?

A loss assessor acts as your advocate, handling all aspects of your claim, including:

  • Assessing your loss properly – Ensuring every damaged item is accounted for.
  • Handling insurer negotiations – Fighting back against low offers or unfair rejections.
  • Managing paperwork and evidence – Avoiding claim delays caused by missing details.
  • Speeding up the claims process – Preventing insurers from dragging their feet.

Who Should Use a Loss Assessor?

Homeowners

If your home suffers serious damage, insurers may try to reduce your payout or reject your claim entirely. If you’re dealing with flood damage, for example, they ensure your insurer covers structural drying, repairs, and alternative accommodation costs.

Landlords

Rental properties face fire risks, leaks, break-ins, and tenant damage. If your property has been affected by storm damage, a loss assessor ensures the full cost of repairs and lost rental income are included in your claim.

Business Owners

A fire, flood, or theft can be devastating to your business, with insurers often underestimating business interruption losses. If your business in Milton Keynes has suffered from fire damage, loss assessors fight to recover loss of income, repair costs, and additional expenses needed to keep your business running.… Read More

Lady standing in a flood
Property News
Flood Damage Repair: How Specialist Building Contractors Can Restore Your Property

Flood Damage Repair Contractors

Floods can be devastating, leaving behind a trail of destruction that affects not just the structure of your home but also your peace of mind. The aftermath of a flood often requires more than just a simple cleanup; it demands a detailed, skilled approach to flood damage repair.

This is where specialist building contractors come into play. These experts have the knowledge, experience, and tools to restore flood-damaged property effectively, ensuring it is safe, secure, and back to its previous state.

The Expertise of Specialist Flood Restoration Contractors

The first step in Water Damage Restoration is a thorough assessment. Specialist building contractors meticulously inspect every detail to identify the full extent of the damage. They look beyond the obvious water damage, evaluating structural integrity, electrical systems, plumbing, and potential mould growth. This comprehensive evaluation ensures that all issues are identified and addressed, preventing future problems and setting the stage for effective restoration.

Efficient water extraction is crucial to minimise damage in flood-affected areas. Specialist contractors employ industrial-grade pumps and vacuums to remove standing water swiftly. They then use high-powered fans and dehumidifiers to dry out the affected areas. Proper drying techniques are essential to prevent mould and mildew growth, which can pose serious health risks and further damage the property.

Comprehensive Flood Damage Assessment

The first step in flood damage restoration is a thorough assessment. Specialist building contractors inspect every detail to identify the full extent of the damage. They look beyond the obvious water damage, assessing structural integrity, electrical systems, plumbing, and potential mould growth. This comprehensive evaluation ensures all issues are identified and addressed, preventing future problems.

Water Extraction and Drying

Efficient water extraction is crucial to minimise damage. Specialist contractors use industrial-grade pumps and vacuums to remove standing water quickly. They then employ high-powered fans and dehumidifiers to dry out the affected areas. Proper drying techniques prevent mould and mildew, which can pose serious health risks and further damage the property.

Mould Remediation

Floods create the perfect environment for mould growth. Specialist contractors are trained in mould remediation techniques. They use specialist equipment to detect mould, even in hidden areas, and employ safe and effective methods to remove it.… Read More

Do you need insurance claims management assistance after a fire or flood has damaged your property?
Property News
Loss Adjusters or Loss Assessors? What is the Difference?

What is a Loss Adjuster?

Do you need assistance with an insurance claim?Loss adjusters are usually employed by insurance companies and are sent out to assess any losses that their clients have incurred. A loss adjusters job is to report back to the insurer with recommendations as to what they consider the policyholder should be entitled to in order to settle their insurance claim.

Working For The Insurer or For You?

Many loss adjusters who work for the insurance company are not members of a higher authority such as The Chartered Institute of Loss Adjusters (CILA). As they are employed by or are working on behalf of your insurer, how would the policyholder be able to tell if any settlement offered would be fair or the correct amount?

Why Should You Do The Work That You Have Already Paid Your Insurer To Do?

The truth is you probably wouldn’t! Most insurance companies will even ask you to phone around a couple of builders to get a building repair estimate for your property. Don’t you pay for your insurance policy annually in the expectation that they will look after you in your time of need?

We all hope that this is the case but at the same time, you have to consider that your insurance company is a business and it would not exist if it wasn’t making money.

What are Loss Assessors?

A loss assessor is generally appointed by the policyholder instead of the insurance company and works in a similar way to a loss adjuster. The main difference is that they are employed to look after the interests of their client, the person who has informed their insurer that they have a claim.

Just like loss adjusters who work for the insurer, loss assessors who work for the public also do not need to be regulated by a higher authority.

So, what do you do when you are in the unfortunate position of having to submit a property claim? Do you put your trust in your insurance company in the hope that they will see you right?

Introducing Independent Loss Adjusters

What is the difference between loss adjusters and loss assessors?What if there was a group of loss adjusters who were members of the CILA.?… Read More