The Granary, Back Street, Reepham, Norwich NR10 4SJ Tel

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Alexander Wilkins
8 years ago
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1 The Granary, Norwich NR10 4SJ Tel R E P O R T P R E P A R E D F O R Mrs J McCleave P R O P E R T Y A D D R E S S R I S K M A N A G E M E N T C O N S U L T A N T The Cedars 13 Bath Road Beckington, Frome Somerset BA11 6SW J.P.N. Lowe Internet Surveys Ltd +44 (0) D A T E O F V A L U A T I O N 21 October 2011

com R E P O R T P R E P A R E D F O R Mrs J McCleave P R O P E R T Y A D D R E S S R I S K M A N A

2 Thank you for asking Internet Surveys Ltd to carry out a valuation of your property. I am pleased to provide you with your Desktop Risk Valuation Report for this property, outlining the basis on which the level of insurance cover has been assessed. Please take the time to read through this Report and please contact us direct on or the undersigned if you have any questions. J.P.N. Lowe Risk Management Consultant - 2 -

on which the level of insurance cover has been assessed.

3 Introduction to your Report Buildings insurance can only be of value when the cover that it provides is based on an accurate assessment of the costs involved in reinstating or rebuilding the property. Undertaking this assessment of your property has provided us with an opportunity to consider its history, structure and unique features. We have used the latest digital technology available, which includes data from Ordnance Survey and other digital mapping sources, in order to calculate the reinstatement value of your property. W H A T I S T H E B U I L D I N G S S U M I N S U R E D? The Buildings Sum Insured, as referred to in this Report, means the full value of reconstructing your property and its unique features in today s marketplace, using materials of similar quality. We have noted the type and quality of materials used in the exterior construction of the property. This information, together with the external measurements and any photographs, help us to ascertain a suitable Buildings Sum Insured. It is this valuation that is discussed in this report. The valuation will be based on a combination of detailed building cost data provided by independent sources, building cost data collected by our Consultants through their daily experience of valuing similar properties, any information provided by you and information obtained through other sources. The valuation is affected by factors such as your property's accessibility, age, listed status, scale and architectural complexity. In addition to the cost of the materials, our valuation includes the necessary fees to employ an architect and suitable contractors. The valuation will be for the main property and other structures to be covered by this insurance. It does not include the value of the land. W H Y N O T I N S U R E F O R M A R K E T V A L U E The Market Value of your property is different to the Buildings Sum Insured. The Market Value is influenced greatly by the property s location, accessibility, garden, surrounding landscape, other structures on the land and it s vicinity to key services, for example, schools. We base your cover on the Buildings Sum Insured rather than the Market Value to ensure that it reflects the cost of completely rebuilding your home as it exists today and not the price that someone else is willing to pay to buy it

We have used the latest digital technology available, which includes data from Ordnance Survey and other digital mapping sources, in order to calculate the reinstatement value of your property.

4 Summary Year Built Residence Type Building Grade External Walls Roof External features 1920s Semi detached private dwelling house Unlisted Brick Clay tile Garage, studio, stables and swimming pool - 4 -

detached private dwelling house Unlisted Brick

5 Plan of the Property Pottery Street - 5 -

6 Desktop Valuation Cost Assessment The information below summarises our assessment of the sum insured needed to reconstruct your home based on the information obtained from Ordnance Survey and other digital mapping services. Property/ Building Description Estimated Gross External Floor Area (m2) or Unit Average Price per m2 or Unit Cost Subtotal Ground and first floors 331 1, ,697 Attic 83 1,200 99,600. Main House and Additions Estimated Reconstruction Cost Total Recommended House Sum Insured 757, ,000 Other Permanent Structures Garage 48 1,150 55,200 Studio 40 1,200 48,000 Timber stables ,050 Brick stables ,400 Outbuilding ,500 Swimming pool 45,000 Hard landscaping 20,000 Other Permanent Structures Estimated Reconstruction Cost Total Recommended Other Permanent Structures Sum Insured 265, ,000 Total Recommended Rebuilding Sum Insured 1,025,000 Description The property is a semi detached house forming part of a substantial Edwardian country house dating from the 1920s. The property is of a standard construction comprising painted brick under a pitched and gabled clay tile roof with dormer windows with the accommodation arranged over two storeys and additional accommodation in the attic. Detached from the property is a single storey garage and brick and tile studio. Also detached from the property and located within the grounds are a range of timber stables and brick stables together with a further outbuilding. The property also has the benefit of an open air swimming pool, whilst access to - 6 -

Property/ Building Description Estimated Gross External Floor Area (m2) or Unit Average Price per m2 or Unit Cost Subtotal Ground and first floors 331 1,987 657,697 Attic 83 1,200 99,600.

7 the property is via a gravelled driveway which leads to a parking area to the front of the property. We therefore recommend a total estimated rebuilding sum insured of 1,025,000 (one million twentyfive thousand) - 7 -

We therefore recommend a total estimated rebuilding

8 N O T E S T O R E C O N S T R U C T I O N C O S T S A S S E S S M E N T The figures above include: - an allowance for the Fees of architects, surveyors and consulting engineers. - the cost of complying with the building regulation of a local government or local authority. - the cost of removing debris that results from a covered loss. The figures above do not include: - any amount required for excavation, replacement, or stabilisation of land under or around the structure. - VAT. Based on current legislation, the costs of rebuilding domestic property is zero rated for VAT purposes. However an allowance has been made for VAT on the debris removal and Fees. - the removal of any hazardous materials or any improvements needed to poor or contaminated land found post demolition of your property or Other Permanent Structures. Any additional Fees arising from such problems have not been taken into account. The necessity, extent and cost of such work cannot be reasonably determined without detailed and costly investigation beyond the scope of an insurance valuation. In the event of a substantial loss, any reconstruction work may be delayed due to the need to consult interested parties e.g. English Heritage, a mortgage company, etc. It can also take time to source suitable building materials and draw up revised plans which will meet current building regulations. These will extend the period of reconstruction and therefore, depending on your property, greater inflationary factors have been taken into account than one may find in stated industry standards. The above represents an assessment of the rebuilding cost in the event of a total loss or a substantial partial loss and includes allowance for debris removal, professional fees and alternative accommodation costs. The valuation is based on the external square meterage of the property obtained from Ordnance Survey Data with an appropriate rate applied to each floor. Where the property is semi-detached or terraced, an allowance has been included within the sum insured as an indemnity against any third party costs or damage which may be associated or attributable to the insured losses. This includes third party wall awards and allowances, dangerous structure notices as well as alternative accommodation costs in the event of adjoining properties being uninhabitable

The figures above do not include: - any amount required for excavation, replacement, or stabilisation of land under or around the structure. - VAT.

HOME INSURANCE ASSESSMENT

m pl e HOME INSURANCE ASSESSMENT Sa Street Address, Suburb File. 0000 Date. December 2014 Street Address, Suburb Page 1 of 8 File. 0000 Date. December 2014 Client Name Street Address Suburb HOME INSURANCE