Buildings insurance and reinstatement

At Russen & Turner, our knowledge of building insurance legislation and building means that we are ideally positioned to assist you with insurance claims relating to fire, subsidence, flooding and earthquake damage.

We are also able to advise on how much a property should be insured for, providing insurance reinstatement sums for both commercial and residential properties. This is based on figures and data provided by the RICS’ Building Cost Information Service and the size, age and type of a property.

Due to the different methods of assessment, it is essential that both the building owner and surveyor understand the terms of the insurance policy for a particular building to be fully covered.

Typically, insurance is based on the rebuilding cost of a property, rather than its market value. Land normally accounts for a third of a property’s value, yet it is not under threat from theft, storms or fire. Consequently, covering the rebuilding cost of your home rather than market value can save on an insurance premium.

For more information please call us on 01553 768361