Insurance Replacement Valuations
Independent assessments of property rebuilding costs.
We prepare insurance replacement cost assessments for property owners, managers and their advisers. Each report identifies the property assessed, the agreed basis and the relevant cost allowances, to assist discussions about the building sum insured.
Scope, fee and timeframe confirmed before work begins.
The basis of assessment
A clear view of the cost to rebuild.
Insurance replacement valuations address building costs rather than the sale value of the property, including its land. The basis may involve replacement with a modern equivalent or reproduction of the existing building. We confirm the required basis before proceeding.
Property specific
The assessment relates to the buildings and improvements identified in the instruction.
Scope agreed first
We clarify the property, intended use, assessment date and information required.
A written report
The report sets out the assessment and explains its assumptions, inclusions and exclusions.
Costs and allowances
More than the main building.
Depending on the property and agreed scope, the assessment may consider:
Building works
Construction, materials, finishes and services relevant to the building.
Demolition and debris
Allowances for demolition, removal of debris and site clearance.
Professional fees
Relevant design, engineering, surveying and approval costs.
Reinstatement requirements
Relevant allowances for rebuilding to current requirements, subject to stated assumptions.
Time and cost movements
Cost escalation over the periods adopted for the assessment.
Other improvements and GST
Identified ancillary improvements and the stated treatment of GST.
Reviewing an existing figure
When an assessment may be useful.
A property-specific assessment can support a review of the building sum insured. The need for an updated assessment depends on the property, previous report and insurer’s requirements.
Policy renewal
To help review an existing building figure when arranging or renewing cover.
Renovations or additions
Where work has changed the size, specification or improvements to be assessed.
Changes in rebuilding costs
Where current construction costs may differ from the assumptions in an earlier assessment.
Working with Sovereign
From enquiry to written assessment.
01 · Confirm the instruction
Send the property address, purpose and any requirements supplied by your insurer or broker. We confirm the scope, fee and timing.
02 · Review the property
We agree the inspection and information needed for the assignment. Plans, areas, construction details and previous reports may assist.
03 · Prepare the report
We prepare the written assessment on the agreed basis, with relevant assumptions and limitations. We can discuss the report with you or your adviser.
Discuss your property
Arrange an insurance replacement valuation.
Tell us the property address and what you need assessed. Include any insurer or broker instructions, available plans and the date of your previous assessment, if applicable.
We’ll confirm the proposed scope, fee and timeframe.