Our buildings valuation service

It is important to set an accurate sum insured. Our experience shows that individuals and organisations often have incorrect levels of buildings insurance. Underinsurance can leave you out of pocket when disaster strikes, and if you are over-insured, you may be paying more for insurance than you need to.

We have been providing a valuation service to our clients since 1922. Over the years, we have gathered unique insights and data from supporting the restoration of many buildings, as well as commissioning cost analyses from Chartered Surveyors.

In insurance terms, the value of the building reflects the total cost of reinstatement of all buildings on the site. It should include costs like architects’ and surveyors’ fees, clearing debris, specialist craftspeople, and materials required.

Using a variety of techniques, including site surveys and desktop assessments, our team can provide a more accurate valuation. This is delivered as part of our tailored risk management package at no additional cost¹, and may save you extra fees and time spent sourcing alternative valuation services.

If you choose to insure your buildings based on our valuation and you claim on the Buildings section of your policy, we won't penalise you for underinsurance. Just make sure you keep us informed of any material changes, such as renovations and extensions.

Please note that the liability of the company is always limited to the sum insured².

Factors to consider when valuing your property

Once confirmed, your building sum insured will link to an index which tracks material and labour costs. This helps the value remain adequate as the cost of materials and labour changes. 

Depending on the type of building, we may link it to;

• The General Building Cost Index (GBCI) for commercial buildings
• The House Rebuilding Cost Index (HRCI) for residential buildings
• The Ecclesiastical Heritage Index(EHI) (depending on the age and construction).

The EHI is exclusive to Ecclesiastical customers. It was specially developed in conjunction with the Building Cost Information Service (BCIS) for traditional buildings. This unique index considers the cost of traditional materials and skilled craftspeople often needed to repair and rebuild older buildings.

¹ Subject to qualifying criteria and Terms & Conditions

² Not applicable for Art & Private Client policies where a different basis of settlement applies. Speak to your broker for more details.