A core element of our business ethos is ensuring the well-being of our clients and their loved ones. This includes protecting our clients from experiencing the unnecessary and frustrating, and sometimes even devastating, challenges associated with being underinsured, which can include needing to carry a portion of the risk, in the event of a claim.
To this end, Barker’s Personal and Commercial Divisions have been hard at work on a project that evaluates all current buildings on clients’ policies, to ensure they are correctly valued. The project ensures that a fair premium is collected from our clients for the properties we insure, thereby providing them with long term protection.
Working hand in hand with us on this project is GRiP (Geo-Risk Information Platforms), a unique and specialist Geospatial Information and Technology business that focuses on the needs of the Financial Services, Insurance, and Property Sector.
GRiP provides a reliable estimate of the rebuilding or replacement value of a building, by combining:
- High-resolution Imagery from Oblique and Ortho (NOT Google images)
- A team of Quantity Surveying experts
- Property knowledge and local Building rates
- Geo-spatial techniques and tools into a Smart Online & Process-driven Application known as GRiP SAVi
When we have a reliable estimate of the replacement value of a building, we are able to assess whether you are properly insured. This is vital in order to make sure we can put you back in the same financial position you were, following a claim.
The Problem: Incorrect replacement values lead to underinsurance
Statistics show that majority of properties are underinsured by more than 30%! A huge cause of this is that most properties are insured at market value. While inexpensive and simple to determine, the market value is often an inaccurate measure of what a property needs to be insured at. Rather, properties should be insured at the Replacement Value, a far better representation of what it would cost to rebuild in the event of a total loss.
The cost of rebuilding is often underestimated, as rebuilding includes a range of miscellaneous extras that aren’t considered by those outside of the building or insurance industry. But if you’ve ever worked on a small home renovation project, just consider what it cost to have any rubble removed, or to have an engineer or architect consult on the project. If your home burnt down, these costs, and others, would need to be covered, and should therefore form a part of your house owner's insurance value.
The SAVi Report
The GRiP SAVi report delivers a cost-effective and reliable estimate of the replacement or rebuilding value of a building. This provides a basis upon which we can advise our clients on how to accurately cover their properties.
The report consists of 5 core sections:
1. Location information confirmation
2. Buildings
3. Perimeter & Paving
4. Amenities e.g., swimming pool, tennis court
5. Valuation estimate calculations
As we constantly evolve to optimise our offering to our clients, the Barker team strongly advises that you review and engage with these reports.
While the valuations are founded on local averages, specific interior elements might be excluded. Ensure that you notify us of any changes to your building, as well as any alternative power installations on your property, so we can make the necessary report amendments.
Doing this will ultimately safeguard you from being inadequately covered, and having to outlay the funds for rebuilding yourself.
Please Note: GRIP has a broad range of imagery, however, some areas do not have sufficient imagery available and therefore a report cannot be issued. As imagery for these, often outlying, areas become available, the Barker Team will ensure reports are created for these properties.