Samson | Chartered Surveyors | Valuers

Reinstatement Cost of the Property

What is Reinstatement Cost?

Buildings need to be insured for rebuilding purposes! If you’re applying for a mortgage or seeking investment cover for your residential property, the property will need to undergo an insurance reinstatement valuation for rebuilding purposes. In short, the reinstatement cost of the property is a professional calculation that details how much it would cost to rebuild your home to its original condition using the same methods and materials. This may be necessary if the property was destroyed or was in such a state of disrepair that it had to be knocked down.

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1. Type of valuation

RICS Valuation

Market Valuation

Probate and Inheritance Tax Valuation

Capital Gains Tax Valuation

Shared Ownership Property Valuations

Development, Appraisal and Viability

Leasehold Valuations

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Reinstatement Valuation

By carrying out this assessment, you will ensure that you protect your investment. Without it, you could have a severe shortfall in insurance cover. Also, if you have a partial damage claim the insurance company can impose the “ averages Clause “ whereby the payout is in proportion to the amount by which the sum insured is underinsured.

For accuracy, the insurance reinstatement valuation should be carried out by a professional Chartered Surveyor who is registered with the RICS (Royal Institution of Chartered Surveyors website.) They will use the Building Cost Information Service (BCIS ) tables of the Royal Institution of Chartered Surveyors (RICS) to provide their assessment comprehensively and accurately.