An Insurance Reinstatement Valuation is a way to figure out how much it would cost to rebuild a property if it gets damaged or destroyed. This helps make sure that your property has enough insurance coverage to pay for repairs or rebuilding if ever you had to make a claim.
How we do this for you...
- Measure and Describe the Property
We need to understand the size of your property and what type of property it is, this includes how it is built and what materials are used.
- Estimate Build Costs
Your surveyor will use industry recognised sources such as the Royal Institution of Chartered Surveyors Building Cost Information Service [BCIS] to find the current build costs in your area.
- Account for Time and Inflation
Naturally, build costs change over time, this is why it is so important you get an up to date reinstatement valuation. We will account for any inflation and possible price increases.
- Additional Costs
We will calculate what additional costs need to be added to cover all of the reinstatement such as demolition, fees for professionals (like architects) and VAT plus anything else required for your property.
Aspin & Co. will prepare a report demonstrating all of the above that will provide you with the final reinstatement value for your property. This report will help you and your insurance company understand everything.
Remember, this valuation is about how much it would cost to rebuild, not how much the property is worth right now. It's important to update this valuation regularly so that insurance coverage stays accurate and helpful in case something goes wrong.