Buildings are an asset and like any asset should be adequately protected. A property reinstatement valuation assesses the cost of reinstating the property to its original condition in the event of total destruction.
It is extremely important to note that the value of the property and the reinstatement valuation of the property are in no way linked.
As part of our reinstatement valuation service, we carry out a site visit, measure the floor areas of the buildings from existing floors plans and calculate the cost of the reinstatement. These costs are project specific and are based on our experience and in-house cost information data base.
Our experience of preparing building reinstatement valuations is extensive and includes commercial, industrial and residential property reinstatements.
It is important that reinstatement valuations are checked periodically to ensure that you are not over or under insured. This is particularly pertinent given the significant reduction in construction costs since 2007 (circa 30%) together with the significant hike in insurance premiums over the same period.