What is a building reinstatement valuation and why do I need one?

Building Reinstatement Valuations are an assessment of the building reinstatement costs for insurance purposes. No matter the size of your property or whether it's a residential or a commercial one, it is essential that you have the correct insurance cover for your buildings and their contents. 

When it comes to building reinstatement, insurance valuations and valuation reports, it is very much a case of whether a property is under-insured, leading to unexpected costs in the event of a claim, or over-insured, leading to high premium payments further down the line.

The Royal Institution of Chartered Surveyors (RICS) recommends that full building reinstatement cost assessments are carried out every three years, but there is plenty you must know, both in terms of what a building reinstatement valuation is and why one is needed.

A building reinstatement value of a property is the figure it would cost to completely rebuild a property, whether that be due to fire damage, faulty foundations or even old age - it is imperative that a valuation is known if the worst case scenario happens, with the valuation cost also including costs for labour, professional fees, materials and clearing of the site.

Building Reinstatement Valuations use specific factors to calculate the reinstatement valuation, with your reinstatement valuation typically different to that of the cost of your residential or commercial property. 

A Building Reinstatement Valuation is required for home insurance valuations and in many instances, when insuring your property, a reinstatement valuation needs to be undertaken to ensure a more accurate valuation for all insurance purposes.

For more information and to discuss your Building Reinstatement Valuation needs, call us today on 0151 227 3155.