If you ask any homeowner to estimate the current value of their home contents, the chances are that they will underestimate the total value by more than 50%. The insured party need to spend some time creating a detailed list of all their assets and then research its current replacement cost.
A property’s replacement value cannot be determined by an estate agent. Only a qualified and experienced professional valuer can determine the value at which your property must be insured to ensure sufficient cover.
Experience has taught us that approximately two thirds of all residential homes and contents are underinsured by between 20 – 50%. The reality is that very few property owners are correctly covered.
A professional replacement cost valuation ensures that a property owner is correctly covered but it also serves as an invaluable marketing tool for the insurance industry.
The policy will indicate whether the retaining walls are covered and list any exclusions which apply to them. If retaining walls are not specifically excluded, and the damage which happens is caused by something other than the mentioned exclusions, the retaining wall will be covered within the terms of the policy. Certain retaining walls are uninsurable due to the nature of their construction and the intrinsically higher incidence of damage claims related to them.