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Reinstatement Valuations

A reinstatement valuation, sometimes referred to as the rebuilding cost, sum insured or fire insurance valuation, is an assessment of the cost of reconstructing the property at the date of the assessment and has taken into consideration demolition, debris removal, temporary shoring and professional fees likely to be incurred in its reconstruction to its existing design in modern materials, using modern techniques, to a standard equal to the existing property and in accordance with current Building Regulations and other statutory requirements. It excludes VAT, except on professional fees. This figure may be used to make your own insurance arrangements or for you to negotiate a claim with the assistance of your broker and your insurers.

Where your property is of modern materials and standard design the reinstatement figure can be calculated in accordance with Building Cost Information Service (BCIS) guidance. However, if your property is not of modern materials, or is a protected building that is required to be reinstated exactly and is therefore outside the scope of BCIS guidance, or is a commercial property in whole or in part then a professional reinstatement cost assessment is recommended.

In the case of flats or maisonettes, the reinstatement cost should be for the building as a whole and for this reason it is usually arranged by the management committee or the landlord. In these circumstances a professional reinstatement cost assessment is also recommended.

It is advisable to have the reinstatement cost of a property assessed by on-site inspection every three years or when significant works have been carried out. Desktop assessments may be performed in the intervening years. 

A significant proportion of policyholders may be surprised to discover that the responsibility for the sum insured rests with them and not the insurer, the broker or intermediary, or even the bank or building society valuer. So, if disaster strikes and the insurance fails to meet the full cost of rebuilding, whilst you may in the long term be able to obtain some redress from one or several of the parties involved in calculating the original reinstatement figure, you are left with an incomplete and most probably non-habitable or non-functional property.

Regardless of what type or size of property you own, if you have not had a recent professional reinstatement valuation, there is the risk that you may be underinsured, particularly if you have extended or altered your property in any way. In addition, if you are relying on the figure provided by your Lender or broker, inappropriate valuations are still being provided which have been based on a rule of thumb or very general rate per square metre. No allowance will have been made for location, inflation, type and extent of boundaries, hardstanding, outbuildings and many more factors which need to be accounted for in an accurate valuation.

Furnells Chartered Building Surveyors have extensive experience in providing reinstatement valuations, and where appropriate calculations for standard residential properties can be completed using the BCIS Online system. If you would like a quotation for an up to date reinstatement valuation of your property please call us on 01260 291089 or alternatively please complete the online request form on the left.

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