Many property owners mistakenly insure their property based on market value rather than replacement cost, leaving them either over-insured or under-insured—both of which can have serious financial consequences.
While an estate agent can provide an estimate of how much a property could sell for on the open market, they are not qualified to assess a property’s replacement cost. The replacement value refers to the amount required to rebuild the property from scratch, including demolition, material costs, labour, and professional fees such as architects and engineers.
This value should be determined by a qualified professional valuer to ensure that your insurance coverage is sufficient in case of total destruction (e.g., fire, flood, or structural failure).
To get more insights on this why not head over to Property24 for a more detailed explanation.
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