A requirement of buildings insurance
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Case Studies

What is a fire insurance valuation?

Fire Insurance Valuations are a requirement of buildings insurance. The two types of valuation (Reinstatement Cost Assessment or Building Insurance Valuation) are prepared to establish costs for the reinstatement or reconstruction of an insured building in the event of a fire, explosion, flood or collapse. 

The valuation is based on current market prices and these details are set out within the fire insurance valuation report. The fire insurance valuation report will also include the cost of demolition of the fire damaged building and record where unusual factors such as asbestos, mid-terrace buildings or city centre locations need to be taken into account. Finally, the report takes into account an increase in statutory regulations.

Walker Wood’s Fire Insurance Valuation service

We usually start with a visit to site and the study of detailed design drawings and specifications. Then, with our client, we establish the full extent of what is to be insured.

In most instances, a Reinstatement Cost Assessment is calculated by referencing current figures from the Royal Institution of Chartered Surveyors Building Cost Information Service (RICS BCIS). Where not appropriate (for example, a Listed or non-standard building), it may be necessary to assess reconstruction costs by costing the approximate building quantities. In both instances, the method of assessment is agreed with the client prior to the commencement of the valuation.

Contact us to discuss Fire Insurance Valuation
 

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