Why Opt For A Reinstatement Cost Assessment?
Do you know if your property is over or under-insured? The Royal Institution of Chartered Surveyors (RICS) recommends getting a Reinstatement Cost Assessment every three years to ensure your property is always fully protected.
The Dangers of Being Over or Under-Insured
Without a regular review of your current requirements, your insurance policies can quickly become outdated, leaving you without adequate coverage. The biggest issue of being over-insured is that you will be paying more in premiums.
However, being under-insured is potentially a far more serious issue. Insurers could apply an average clause to your claim so reducing your claim in proportion to the under-insurance e.g. if the Insurer finds you are under-insured by 25%, they might reduce your claim by the level of under insurance
Ensuring that your property has been adequately insured is essential. A registered surveyor will carry out an in-depth assessment to ascertain your needs; however, this can be a costly and time-consuming process. In most cases a desktop assessment can be carried out, a quick and straightforward process at an affordable price.
Here at Modus360, we believe in a new approach to Reinstatement Cost Assessments. Utilising the latest technology, our experienced team is able to help you create an in-depth and high-quality, accurate report that is not only more affordable but delivered promptly.
How it works
Traditionally, surveyors will offer either a Desktop Survey or an On-site Survey. An On-Site Survey can be costly, requiring a surveyor to visit your property which means prices are typically in excess of £500. Additionally, you will need to take time out of your day, making it a costly and time-consuming process.
We offer a unique new approach designed to transform the Reinstatement Cost Assessment process. Our experienced Modus360 team do not need to visit your property. We use the latest mobile and video technology and will talk you through the images we require, which can be captured on your phone or tablet. Using these images our team then access various UK property data sources to ensure we deliver a full assessment and accurate valuation, so you can insure your property for the correct amount.