• A mortgage valuation is a mortgage valuation and not a bespoke insurance valuation.
• The market value is the market value and the insurance value are totally unrelated.
• Buildings are listed because they are of special architectural or historic interest. If there’s a fire or other loss, special permission from planning authorities and agencies will be needed for rebuilding or repairs, which will be more costly than reinstating a non-listed building with similar functionality.
• If a building is made from stone, it costs more to build, repair and maintain, especially if the stone is unique.
• If a building has extensive outbuildings such as garages or storage sheds, these must be included, but are sometimes overlooked.
• If a building has recently been extended or altered, you must ensure this is reflected in a revised value in the insurance policy.
• Location is a factor. If adjacent to a railway line or only accessible via a weight restricted bridge, these will complicate the process and the cost of a rebuild.
If you have any worries about being underinsured,
contact us on 01245 449060
