Whether you have a residential, commercial or industrial property, it is vital you are fully insured.
It is estimated that almost 75% of Reinstatement Cost Assessments for properties were found to be underinsured by on average 68%. That means if you have to make a claim, the insurance company will only pay up to the value of the policy.
In other words you will have to deal with a hefty bill on top of whatever damage you were claiming for.
The Royal Institution of Chartered Surveyors recommends insurance policies are reviewed each year to adjust them for inflation and minor alterations with a full review, including site visit, every three years or if a property undergoes any extensive alterations.
Whether for a single property or a property portfolio, CHPK can give you an accurate picture of the reinstatement value of your property by conducting new building reinstatement cost assessments, reviewing existing assessments and advising on the adequacy of the landlord’s leasehold property assessment.
In the event your building is damaged by an insured risk such as fire or impact, CHPK can assist with the reinstatement by providing cost estimates to the appointed loss adjuster and managing the reinstatement project on behalf of the client.
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