Insurance Reinstate­ment Valuation

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What is the purpose of an Insurance Reinstatement Valuation?

Before we answer that question let us explain what reinstatement valuation/cost is. The reinstatement cost (also known as rebuild cost or building sum insured) of your home, is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed, by a fire for example. It includes, costs of clearing the site, materials, labour and professional fees.

It is not the same as the value of your home. Reinstatement costs are for an accurate reconstruction of your property whereas market value is simply what the property is worth as a whole finished product.

A reinstatement valuation is the estimated amount for which your home or building should be insured and the cost associated with its reinstatement should the property be destroyed (in a fire, for example). It assumes a total - loss scenario and therefore includes costs of demolition, site clearance, estimates of materials, labour and professional fees.

It is not the same as the market value of your home. Reinstatement costs are for an accurate reconstruction of your property whereas market value is simply what the property is worth as a whole finished product on the open market.

A reinstatement valuation is required for building insurance applications and is the amount of money for which your home is insured in case of total loss. Having an accurate reinstatement value is vital to both commercial and residential clients to ensure, in the event of a claim, that they are neither under nor over-insured.

In many instances, proper insurance is a specific requirement under the terms of a commercial lease, or a policy that is required by mortgage lenders prior to lending.

Arnold & Baldwin can provide professional advice on the estimated reinstatement costs of your asset for insurance purposes, ensuring the continued protection of your investment. Our valuations use the most up to date data provided by the Royal Institution of Chartered Surveyors Building Cost Information Service.

When insuring your home or building, it is not generally suitable to insure it against its sale price or current market value. A reinstatement valuation should be undertaken to ensure a more accurate valuation for insurance purposes.

Just one of the many ways we go above and beyond to protect your investment

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What is Reinstatement Cost?

The Reinstatement Cost (also known as rebuild cost or building sum insured) of your home, is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed, by a fire for example. It is required for building insurance applications and is the amount of money for which your home is insured in case of total loss.

It includes costs of clearing the site, materials, labour and professional fees. It is not the same as the value of your home. Reinstatement costs are for an accurate reconstruction of your property whereas market value is simply what the property is worth as a whole finished product.

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Here's what our customers say

CLARE MCSHANE

Professional, efficient surveyors. Get the job done in a timely manner, had our survey back within 5 days of inspection. All team members I spoke with (Tiffany and Billy) were really lovely. Highly recommend. :)

RICARDO OLIVEIRA

I have only just started working with Stephen and he has already demonstrated the high levels of customer attention and dedication that this company has. The first impression he has caused is such that made me write this review. I have no doubt that the continuous service will be of same level. Looking forward to working further with Stephen. Well done!

Steve Kenny

Lease extension - I found Daniel Grove very professional and had an excellent understanding of all aspects relating to this transaction. Advice was invaluable, and it was nice to come across someone who did exactly what they said they were going to do. Would not hesitate in recommending the firm and Daniel to anyone who has a lease to extend.

Petros Kyrkilis

Amazing job and fully professional treatment. The surveyor went above and beyond to check for everything, when he could have easily claim lack of access. In addition he was more than happy to answer questions over the phone and be there to explain the steps.

Lynn Wilson

Within 48 hours I received my detailed report from Joe Arnold which enabled me to see the property as it was and not through rose-tinted glasses! The report highlighted areas where money might need to be spent and provided guidance on questions for my solicitor - just what I needed. Overall, the survey enabled me to re-assess my offer and in this respect was invaluable. Thank you for a friendly and professional service.

Mark Roberts

100% choose this company. As first time buyers we had a mortgage valuation which said the house was fine. The Arnold & Baldwin survey found over £30,000 of problems. Holes in the roof with daylight visible, damp, woodworm, broken sash windows and poor electrics. This company helped us renegotiate and save a fortune.

Joebun

Arnold & Baldwin came recommended and I’ve got to say they were brilliant - not just in identifying issues with the property I was looking at but in the way they kept me informed and up to date (ie picking up the phone instead of just posting / emailing communications with you). After dealing with estate agents for so long, it’s nice to have someone who is genuinely on your side.

Kamal Rahman

From my initial interaction with the firm I found them to be prompt, courteous and helpful. I received a detailed Homebuyers report within a week of instructing and was given the opportunity to talk it through with the attending surveyour. Overall excellent service all round, would certainly recommend this firm.

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