Let’s cut to the chase. Insurance might not be thrilling dinner-table talk, but if you own a home, rent out a property, or manage a commercial building, it’s something you can’t afford to overlook. And at the core of property insurance? One critical piece: Rebuild Cost Assessments.
You’d be surprised how many property owners are walking around with inaccurate figures, unknowingly underinsured – and potentially setting themselves up for a financial nightmare. Fortunately, help is at hand. Many chartered surveyors, including the highly regarded team at W&R Fraser, regularly recommend Exactum when it comes to thorough and reliable Rebuild Cost Assessments.
So, what exactly is this assessment? And why is Exactum the go-to for getting it done right?
What Is a Rebuild Cost Assessment, Anyway?
Let’s break it down. A Rebuild Cost Assessment is essentially a detailed estimate of how much it would cost to completely rebuild your property from scratch – after something catastrophic like a fire or flood.
We’re not talking about the market value here. That’s what you could sell the place for. The rebuild cost is purely about reconstruction: materials, labour, professional fees, demolition, debris clearance, and meeting modern building regulations. It’s the number your insurer needs to know to cover the full cost of rebuilding – without you having to dig into your own pocket.
Why Surveyors Recommend Reinstatement Cost Assessments
W&R Fraser and other professionals in the industry don’t just toss around recommendations lightly. When they suggest something, it’s because they’ve seen the consequences of getting it wrong. Underinsurance is no joke – it can lead to insurers applying the “average clause,” which reduces your payout in line with how underinsured you are.
Imagine this: your rebuild cost should be £500,000, but your policy only covers £350,000. You’ve underinsured by 30%, so your insurer might only pay 70% of any claim. Not ideal, right?
That’s why they encourage every property owner to commission a Reinstatement Cost Assessment – particularly from companies like Exactum, who know exactly what they’re doing.
What Makes Exactum Stand Out?
It’s not just about crunching numbers. Exactum brings …