Things to Consider When Appointing a Service Provider for Replacement Costs under a Home Sum Insured Policy
Is the Company Qualified?
Many service providers claim to be qualified, but what does his really mean? For a Quantity Surveyor, you should ensure that either a Chartered or Registered Quantity Surveyor undertakes your assessment, and that the entity or individual employed carries Professional Indemnity Insurance.
Does it Matter?
For many their home is their most precious asset. Whilst it remains the homeowners responsibility to advise their insurer of the sum insured value, if you choose to appoint a company or individual to undertake an assesssment, it does matter that a selected entity has the ability, knowledge and expertise to carry out the works claimed.
Does an assessor have to come to my property?
The only way to ensure your sum insured reflects your property and takes into account all relevant cost driversis for a physical visit to take place. If companies are offering to provide a valuations online or without physically attending your property, you should proceed with caution, as chances are you will be no better off than completing a free online calculator provided by your insurer, less your fee paid of course.
Does the company I have spoken to understand my insurance policy?
If they have no insurance industry experience and have not asked you for a copy of your policy wording, then the answer is probably no. Ensure you enquire whether the company you are talking to either have significant insurance experience or understand the obligations of your policy.
How many years has the company been estimating the cost of rebuilding homes?
A reasonable question to ask, after all this is the crux of the service you require. The less experience, the more risk in the estimate being inaccurate.