How to Choose the Right Insurance Valuation Consultant

When it comes to insuring property and assets, getting your declared values right is critical. Underestimating can leave you dangerously exposed, whereas overestimating can mean paying unnecessary premiums. 

Our recent underinsurance report found that 88% of properties surveyed were underinsured on buildings and civil works, and 35% had declared building values at less than half of the true reinstatement cost. 

Market fluctuations, advancements in technology and over-reliance on computer models for valuations are challenges facing many of our clients. And choosing the right insurance valuation consultant is key to overcoming them. 

Here’s what to look for when selecting the right service provider.

Who should I select as an insurance valuation consultant?

Engaging a skilled consultant with direct and extensive knowledge of insurance is critical. 

While quantity surveyors and building surveyors may have knowledge of current build costs, that doesn’t always translate into understanding the issues or costs that occur in the event of a loss. It’s not just about how much it costs to construct a building from scratch – it’s about what it takes to rebuild after a loss, often under pressure and without the luxury of time.

For example, after a major incident, there may be no opportunity for full-scale procurement processes. Rebuilding quickly to minimise business interruption is key, and that urgency needs to be built into the cost assumptions. A consultant who doesn’t understand this nuance might give you a number that looks right… until you actually need it.

The best consultants don’t just take your numbers and run with them. They validate the information they’re given. If a provider offers to do a desk-based valuation without independent verification, that should ring alarm bells.

What qualifications or certifications should I look for in a valuer?

Accurate insurance valuation assessments require more than just surveying skills. The consultant needs to have a sound understanding of property construction, insurance policy language and regulatory compliance.

Some insurance policies specifically require valuations to be carried out by a member of the Royal Institution of Chartered Surveyors (RICS). The RICS has also issued guidance to its members of the appropriate methodology for insurance assessments. 

However, RICS membership alone isn’t a guarantee. The institution has over 140,000 members conducting a wide range of services – and only a fraction of them are experienced in carrying out insurance assessment work. 

There are also excellent consultants who come from loss adjusting or insurance backgrounds rather than surveying but are perfectly capable of conducting assessments. 

The key is this: does the individual (not just the firm) have direct experience with insurance valuation? Do they understand how insurance clauses affect valuation methodology? Have they worked with loss scenarios before? Have their values been rested?

Ideally, surveyors should individually be well-versed in insurance policies and valuation requirements, as lack of knowledge of the application of insurance can lead to significant discrepancies in estimated reinstatement costs, leaving the policyholder exposed. 

Also make sure the firm is RICS-regulated and carries significant professional indemnity insurance. That signals accountability and financial backing in case something goes wrong.

What follow up support will they provide?

Some valuation firms offer insurance assessments at relatively discounted rates, but they do so because they offer no support after a report is submitted. 

When choosing a supplier, it is important to confirm that they are willing to explain their values, provide breakdowns, discuss inclusions and exclusions and support the client in the event of a loss.

How much does an insurance valuation cost?

This is a difficult question to answer given the huge range of facility types and sizes. 

Fees are typically charged as a fixed fee based on the estimated time expected to complete the work. The fee for a typical small single building location could be hundreds of pounds whereas the fee for a huge manufacturing or process plant site could be in the high tens or even hundreds of thousands.

Ultimately, the cost should reflect the complexity of the asset, the risk involved, and the depth of the consultant’s service, and not just how many square metres are being assessed.

Insurance valuation consultant checklist

To help you evaluate and select the right consultant for insurance valuation assessments, we’ve created this checklist as a guide.

• Insurance specialisation

1. 1. • Does the consultant specialise in insurance reinstatement cost assessments?
      • Are their reports tailored to meet the specific requirements of insurers and brokers?

• Report content & detail

1. 1. • Does the report include for essential insurance-related details such as:
        • Demolition and debris removal costs
        • Presence of hazardous materials like asbestos
        • Potential requirements for shoring up neighboring properties
      • Is the level of detail appropriate (i.e., comprehensive enough for insurers but not overly complex)?

• Alignment with policy terms

1. 1. • Does the assessment align with your specific insurance policy terms?
      • Are assets correctly categorised (e.g., the demarcation between plant and buildings)?
      • Are all relevant assets, including offsite and rented equipment, considered?

• Credibility

1. 1. • Is the consultant’s report recognised and accepted by the insurance market?
      • Do insurers and reinsurers find their assessments credible and reliable?

• Experience and track record

1. 1. • Does the consultant have a proven track record in insurance valuations?
      • Have their assessments been tested and validated through actual insurance claims?

• Methodology and approach

1. 1. • Does the consultant use appropriate methodologies, such as:
        • First-principles elemental costing
        • Analytical models based on extensive experience
      • Are they transparent about the assumptions and data sources used?

• Regulatory compliance and qualifications

1. 1. • Is the firm regulated by a recognized professional body (e.g., RICS)?
      • Do they carry adequate professional indemnity insurance?
      • Are the individual assessors qualified and experienced in insurance valuations?

• Post-assessment support

1. • Does the consultant offer support after delivering the report?
   • Are they available to explain values, provide breakdowns, and assist during claims?

Using this checklist can help you engage a consultant who provides accurate, reliable, and insurer-accepted valuations, thereby safeguarding your assets and ensuring appropriate insurance coverage.

For more information, download your copy of our free eBook to find out who is best placed to advise you on declared values.

Conclusion

Choosing the right consultant for insurance valuation is a critical step in protecting your assets and ensuring your insurance cover is fit for purpose. The right consultant will bring a deep understanding of both construction and insurance, apply proven methodologies, validate the information provided, and stand behind their work long after the report is delivered.

At Charterfields, we specialise in insurance valuation for businesses throughout the UK and have been a trusted service provider for over 30 years.  

For a copy of Charterfields’ 2025 Underinsurance report, or for support with your insurance valuation, get in touch with our team. Or come visit our stand at Airmic 2025 in Liverpool.

You’ll find more information to your frequently asked questions about insurance valuation throughout our FAQ series:

• Key considerations when assessing reinstatement costs for insurance
• Everything you need to know about insurance valuation methods
• What are the implications of incorrect declared values in insurance?
• What are the risks of incorrect declared values?
• What to expect from an insurance valuation report