Posted on May 30, 2014
Experts in providing insurance rebuilding valuations, Barrett Corp Harrington, have produced a paper highlighting the need for regular assessments of the rebuild cost for properties in Prime Central London (PCL). It is well known that the market value in this area has gone through the roof in recent months. Barrett Corp Harrington make the point that – although there is no link between market value and reinstatement value – the rebuild costs also need to be reviewed as the changing market in this specific area will also influence any quotations from contractors, particularly for high specification properties.
To access the Barrett Corp Harrington article click here
Insurers will generally recommend obtaining a RICS valuation every 3-5 year with a desktop review carried out on an annual basis to ensure that rebuild costs remain accurate.