In many cases, a rebuild value appraisal is required by the insurance company. A building appraisal based on rebuild value is also required if there is doubt about the accuracy of the current sum insured or to be insured on a fixed basis.
A building appraisal based on Art. 7:960 of the Civil Code(reconstruction value) has a validity period of six years. This term is maintained by most insurers. After this period has expired, most insurers require a reappraisal in order to remain insured on the same basis. This reappraisal then again has a validity period of six years. In many cases, insurers use an index figure to keep the insured amount somewhat up to date.
If we receive an order for reappraisal within the expiration of the validity period of the appraisal we previously performed, we always provide a reappraisal discount on the then current rates.
