Valuers are required for property insurance – ESV. Eugene Okafor

By Mashe Umaru Gwamna

An Estate Surveyor and Valuer ESV. Engene Okafor said individuals, organizations require an Estate Surveyor and Valuer for their property insurance.

ESV. Okafor made this disclosure in Abuja to Peoples Daily yesterday.
He said with the
rising cases of building collapse reported all over the country an Estate Valuer is needed.

“Not all the cases are attributed to poor construction methods and materials, some have been attributed to flooding and from cases of natural disasters”.

He said building constructions involves large capital outlay which constitutes colossal lose in the event of destruction. It is therefore pertinent that property owners take measures to mitigate losses through Insurance.
“A reputable Insurance Company would ensure re-instrument of the building to same condition or replace depending on insurance policy types, relying on the value of the insured property”.
According to him. An Estate Surveyor and Valuer is needed to establish the value of the property on the basis of which the Insurance Company can insure the property.
“The Estate Valuer’s training and skill enables him to professionally advise and guide the Insurance company accordingly.
“Numerous International organizations and companies recognize this role of an Estate Valuer in Insurance and constantly insure their assets based on the Estate Valuers recommendation”,he said .

He said the general public are advised to toe this line towards mitigating likely loss resulting from natural or man made disaster.
“ It is important to note that Insurance value does not include value of land but aabuilding and perhaps content only, as land is an indestructible component of real estate”.