A sample of 128 valuations carried out by the insurer (Aviva) revealed that 86% of those properties surveyed were significantly underinsured, with the difference totalling £314m*. With an estimated 50% of building claims being settled below the reinstatement cost, property owners are increasingly being forced to fund the difference themselves.
Properties need an accurate reinstatement cost value to avoid the pitfalls of underinsurance that can leave both clients and brokers exposed. Claims Advantage provides an accurate building reinstatement valuation service that brokers can offer to their clients. Our unique and modern valuation modelling system includes:
- Cost model calculators tailored to cover a broad range of buildings and unique building features
- Automatic adjustments for factors such as location, inflation, site conditions & restrictions
- A quick retrieval and update system for interim valuations and revaluations
The best way for brokers to ensure their client's property valuations are accurately reflected in the sums insured in their policies is to introduce a system of regular re-valuations. Claims Advantage rebuild cost service can help you and your clients to avoid unnecessary issues when making a claim.
Protect your clients
Use our building valuation service to get and maintain the right sums insured – email us today for more information.
*Aviva (2009), Underinsurance is a problem in the UK property market, says Norwich Union [online], available from: http://www.aviva.co.uk/media-centre/story/17598/underinsurance-is-a-problem-in-the-uk-property-mar/