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Property Rebuild Assessment Service

Prevent property damage underinsurance using analytics and property risk engineering expertise with WTW’s Property Rebuild Assessment Service.

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Accurate rebuild cost assessments

Whether your business owns residential property, a commercial asset, a manufacturing site, or a listed building, you need to know you’re adequately covered should your property suffer damage.

Your property damage policy is designed to cover the cost of rebuilding your property and putting your business back to where it was before the damage occurred. But if the rebuild or ‘reinstatement’ costs you set in your policy, known as ‘declared values’, are lower than the true costs, you could be facing potentially significant shortfalls.

While inadequate declared values in your property damage policy can prove disastrous in the event of a loss, inflated declared values can see you paying higher than necessary premiums.

Our wealth of insurance broking knowledge, combined with expertise powered by sophisticated analytics, can give you confidence your business is both properly protected and not overpaying for cover.

Why review your rebuild costs?

If you haven’t checked the rebuild costs set in your property damage cover recently you could be at risk of underinsurance, even if the declared values in your policy are index-linked. That’s because rebuild costs have been rising beyond inflation, driven by issues such supply chain disruption, increased materials, and labour costs.

Insurance valuations and market valuations are not the same. The insurance value, or rebuild cost, includes not only building materials and labour, but also the costs arising from making the site safe, clearing debris and the rebuild costs of the property's surrounding regions, such as restoring car parks, security fencing or replacing trees. These costs can also include fees from specialist legal support and other professional services you may need in the event of property damage recovery.

Property Rebuild Adequacy Assessment

We’ve teamed up with global property valuation specialists Kroll to provide reassurance you’ve set your rebuild costs accurately. Our Property Rebuild Adequacy Assessment gives you accurate valuations insight, calling on Kroll’s extensive database comprising of the latest statistical information on markets and costs, and powerful analytics using more than 40 building indices to track cost trends.

Our Property Rebuild Adequacy Assessment is designed to give you a ‘red,’ ‘amber’ or ‘green’ rating on your current declared rebuild costs, calling on the data provided by Kroll’s extensive valuation and algorithm capabilities. This will allow you to understand if you are under or overinsured.

A rebuild adequacy green flag

Indicates your declared value on reinstatement costs is appropriate.

A rebuild adequacy orange flag

Means your declared value on reinstatement costs is slightly outside the range but acceptable, though you may wish to review.

A rebuild adequacy red flag

Indicates a potential risk. You are well-advised to review the declared value on reinstatement costs and the adequacy of your property damage cover.

Property Rebuild Online Valuation and property risk optimization

Getting both in-depth and portfolio views of your property risks and opportunities can help you prioritise the actions you should take to protect the business and boost the bottom line.

Our Property Rebuild Online Valuation gives you detailed cost analysis, including a comprehensive report setting out reinstatement values and performance indicators. Sharing these insights with insurers will help you get the right cover at an appropriate price.

Our experts can also work with you to create a comprehensive view of your property portfolio, identifying potential property damage cover efficiencies, as well as insurance gaps. You can assess this data using a range of variables, including geographic areas, occupancy types and valuation sizes.

Property Rebuild Onsite Valuation for complex properties

Getting accurate rebuild costs for buildings with more complex design or architectural features isn’t always straightforward.

A Property Rebuild Onsite Valuation from a qualified risk engineer, supported by property valuations data analytics supplied by Kroll, is designed to give you confidence you’re getting rebuild costs right, even on more complicated properties.

To benefit from WTW’s range of expert-led and analytics-driven WTW Property Rebuild Assessment services, get in touch.

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