Industry News

How confident are you that your existing insurance would comprehensively cover your property?

Daines Kapp launches partnership with Rebuild Cost Assessment

January 2020

In the event of a worst case scenario such as a flood or a fire, how confident are you that your existing insurance would comprehensively cover the total costs associated with recovering your property to its former state?

Referred to as the ‘Condition of Average’ in most policy wordings, underinsurance occurs when the value insured by you is less than the actual cost associated with rebuilding or replacing the section insured. Despite being one of the most common problems encountered by UK policyholders, many remain unaware of the perils of underinsurance until it is too late.

One of the most effective ways to identify inaccurate insurance coverage is to instruct a rebuild valuation survey to be undertaken by a RICS registered surveyor.

To help our clients to avoid the precarious position of underinsurance, we have recently entered into a partnership with Rebuild Cost Assessment Ltd that will enable our clients to benefit from a RICS approved rebuild valuation at a reduced price of £136 incl. VAT.

For our clients, this means that they will be able to obtain a cost-effective RICS approved rebuild valuation that will give explicit guidance on how much the property should be insured for, which will negate the need to worry about unintentional underinsurance.

To access this service, our clients simply need to contact us directly to let us know that they wish to proceed with the valuation. From there, we will pass the property’s details through to Rebuild Cost Assessment who will then carry out a RICS approved desktop survey of the premises.

Rebuild Cost Assessment uses a number of tools and techniques to enable them to complete valuations remotely, such as accessing the property’s floor plan via its local authority and utilising Google Maps. In some instances, Rebuild Cost Assessment may need to contact a client directly to gain additional information.

Each year, Rebuild Cost Assessment's reports lead to more than 10,000 British properties being appropriately covered - from terraced properties and industrial units to retail premises and sports halls, Rebuild Cost Assessment are highly experienced in cost-effectively assessing a diverse range of properties.

The standard direct price for this service is £180 incl. VAT - through this partnership, our clients will be able to benefit from a reduced rate of £136 incl. VAT, which also includes a £10 admin fee.

On the rare occasions whereby Rebuild Cost Assessment would be unable to carry out a desktop valuation and would need to physically send someone out to view the premises, the client would immediately be made aware as this would result in the cost increasing - importantly, clients are able to opt-out from this service.

Once completed, our clients will be sent a comprehensive Rebuild Cost Assessment report that provides clear guidance on exactly how much their buildings should be insured for.

You can view a sample commercial Rebuild Cost Assessment report here; to take a look at a sample household Rebuild Cost Assessment report, please take a look here.

As a RICS regulated organisation, Rebuild Cost Assessment’s vision is to permanently eradicate issues around inaccurate building sum insured and we are delighted to be able to support this message through our partnership.

If you have any questions about this partnership or if you would like to access this service, please contact us here: and one of our team will be in touch.