We act as Project Managing Surveyors for a client whose holiday lodge on a lake was recently severely damaged by fire. The client had taken out Buildings Insurance several years ago which had only been index linked year on year without a proper and full reassessment of the rebuilding costs by a Chartered Surveyor. The sum insured is around £120,000 however following our specification of works and tendering procedure, the tenders have come in ranging between £150,000 to £200,000 all plus VAT and with professional fees yet to be included. Regrettably, the shortfall will be the Insured’s responsibility to find as Insurers will simply pay out the maximum sum insured. The moral of the story is, always have your properties reassessed on a regular basis by a Chartered Surveyor for full Insurance Reinstatement costs so that if the worst scenario occurs, you will be adequately covered. Ask us about our fire insurance valuation services.