Western Valuers & Surveyors highlights importance of insurance valuations

Property owners urged to have proper insurance coverage especially in light of unforeseen natural disasters

In response to the recent heavy rains and flooding that have caused significant damage across the UAE, Western Valuers & Surveyors underscores the critical importance of accurate insurance valuations for property owners. The company highlights how essential it is to have proper insurance coverage, especially in light of these unforeseen natural disasters.

Western Valuers & Surveyors, a leading provider of reinstatement cost assessments, has witnessed an increased demand from insurance companies and their clients for independent evaluations of commercial properties, plants, and equipment. These evaluations ensure that clients are adequately covered in the event of loss due to fire, theft, natural disasters, or other perils.

"Accurate insurance valuations provide a crucial foundation for effective risk management and financial planning," said a representative from Western Valuers & Surveyors.

"Especially in the UAE's dynamic real estate market, having precise valuations is vital for ensuring financial stability and compliance with local regulations."

With thousands of successful insurance valuations (Reinstatement Cost Assessments) and financial reporting valuations completed across the UAE, Western Valuers & Surveyors stands as a trusted partner for both private and public sector clients, covering a diverse range of real estate classes and industrial assets.

The devastating 2024 floods serve as a powerful reminder of the importance of being prepared for unexpected events. Western Valuers & Surveyors stresses that having adequate insurance coverage, coupled with accurate valuations, is essential for protecting property owners from financial hardship.

Differentiating market value from insurance valuation

Western Valuers & Surveyors emphasizes the need to distinguish between market value and insurance valuation. While market value refers to the estimated selling price of an asset in an open market, insurance valuation focuses on the cost to replace or repair an asset in the event of loss. This distinction is crucial for determining the appropriate level of insurance coverage necessary to protect assets adequately.

Western Valuers & Surveyors is proud to employ RICS-accredited professionals, ensuring that clients receive the highest standards of accuracy and professionalism in their valuations. The Royal Institution of Chartered Surveyors (RICS) is a globally recognized body, and its members are known for their expertise and adherence to strict codes of conduct.

"By hiring a RICS member, clients can minimize the risks associated with inaccurate valuations and benefit from the professional integrity and reliability that come with these qualifications," the spokesperson added.

Western Valuers & Surveyors specialises in delivering accurate and reliable reinstatement cost assessments across a wide range of assets and industries in the UAE. The company's comprehensive evaluation process includes initial project research, physical inspections, detailed research analysis, and the delivery of a comprehensive valuation report. This report provides valuable insights into the value of assets, aiding in insurance placement, financial reporting, and risk management.

For further information visit: Western-Valuers.com