Spotlight - January 2024

Each month in 2024 we'll be taking a deeper look at a recent instruction of particular interest.

January 2024

Navah Consulting were instructed to undertake a Building Survey (now an RICS Home Survey Level 3) of a Grade II Listed property in Hemel Hempstead, Hertfordshire.

Over the following years the client undertook various improvements to the property. Compiled with the rising costs of building works, general inflation and a 'hardening' of the insurance market, their insurance premium began to reflected this.

Upon renewal, the insurers automated cost model produced a reinstatement cost far beyond what would be expected in a property of this age and type.

A Reinstatement Cost Assessment was instructed in January 2024 in order to provide an accurate cost for a 'total loss' scenario.

A detailed assessment was undertaken looking at the construction materials and methods used. Special consideration was needed in relation to allowances for statutory allowances and professional fees.

The completed Reinstatement Cost Assessment provided the client with a robust figure to provide their insurers.

In this instance, the insurance premium was significantly reduced.

If you're in a similar situation please don't hesitate to get in contact.