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Insurance Valuations

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Having an undervalued property for insurance purposes can potentially lead to a lesser payment being made by an insurance company in the event of a claim. The rules are simple, if your property is valued for insurance purposes at 50% of its true re-build valuation then any claim will only be paid at 50%.

In reality then, if the true valuation of a re-build is £100,000 and you insure the property for £50,000, then any claim can only be paid out to 50%.

A sensible approach to property valuation in terms of re-build costs is to have a professional valuation provided by John Wright, Chartered Surveyor.