Property Valuation for Building Insurance Purposes
The Importance of Accurate Property Valuation in Building Insurance Why Accurate Valuation Matters for Your Insurance Coverage For building insurance, an accurate property valuation is crucial. It ensures that the insurance coverage reflects the true worth of the property. Underestimating the value can lead to underinsurance, while overestimation can result in higher premiums. Risk of Underinsurance: If the valuation is too low, it may not cover the full cost of repair or rebuilding in case of damage. Impact on Premiums: