Insurance Valuations for Blocks of Flats
As a broker we recommend that you have your buildings professionally assessed every 3 – 5 years to ensure your declared value is adequate, to avoid any liability to you. Each year the Insurers on our panel will index link the declared value which can vary between providers. As a result of this automatic increase, over time, your total rebuild sum may vary somewhat from the true buildings valuation. (Over a period of time it is not uncommon to see differences of 20%+).
You should insure your building for an amount equal to the total rebuilding costs at inception of the policy, this is called the declared value. The rebuilding cost is different to the combined market value of each flat, this is a frequent mistake which can have a detrimental effect in the event of a loss.
What is a Buildings Insurance Valuation?
A buildings insurance valuation (or reinstatement cost assessment) is a review of how much it would cost to rebuild your property on the basis of total loss, such as a fire. Having your property valued allows you to insure it to the correct amount, saving you from excess fees or policy violations down the line.
What should be included when calculating the 'buildings declared value'?
It is not just the rebuilding of the main structure you need to consider, you also need to take into account the permanent fixtures and fittings and consider additional allowances for items such as:
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Garages, bin sheds and bicycle / storage sheds - All roads, paths and landscaping – these will need to be within the boundaries of your property or for which you are responsible
- Underground pipes and sewers for which the insured is responsible
- Communal contents
- Leaseholder improvements to their own flats
- Professional fees such as architects, surveyors, and engineers
- VAT – generally new build properties are not subject to VAT, however repairs are, therefore VAT should be included in the valuation where applicable
Being under-insured is not always the case. We often see that some buildings are over-insured and have been paying for more cover than what is required. We advise all of our clients that it is the insured’s responsibility to provide and maintain their own declared value and not the Insurers.
Our services
Along with our specialist block of flats insurance, we can help you with a variety of other policies and services.
Buildings Insurance
Directors & Officers Insurance
Terrorism Cover
Engineering Insurance & Inspections
Reach out to the experts in block of flats insurance
Once the declared value of your block of flats has been calculated, you can move onto the process of taking out a policy to cover it
At A-One Insurance, we specialise in sourcing highly favourable policies for blocks of flats. Our panel of brokers will utilise our skill and expertise to provide the competitive quote you’re looking for, no matter the size or type of building you need covered.
