Reinstatement Cost Assessments, which were originally referred to as Fire Insurance Valuations, provide an accurate assessment of the cost to rebuild a property or group of properties or blocks or flats.
When renewing building insurance, most insurance companies will require a reinstatement cost so that the insurance premium can be based on this figure. It is very important that reinstatement costs stated on the policy documents are an accurate assessment of the actual and current costs.
If your building is underinsured then the insurance company will only pay out accordingly and you could stand to lose thousands of pounds and be left with a shortfall in the amount that is required to reinstate your property and what the insurance company has paid out. Unfortunately, such things do still happen and could be potentially devastating.
Reinstatement Cost Assessment Service
Upon receiving your instructions, we will carry out a measured survey of the property; assess the existing location, construction and level of finishes and fittings and the services and facilities available.
We will consider the insurance policy’s documents and existing conditions and advice on these and will provide you with a report and cost assessment providing a recommendation of the minimum sum to be insured.