A Reinstatement Valuation is often required by insurers and is a valuation of the amount it would cost to ‘reinstate’, or rebuild, the property from scratch should it be destroyed, i.e. by fire. The valuation includes work such as:
- Demolition and clearing of the site ready for re-build
- Materials to be used
- Re-installing household facilities, such as central heating and wiring
- Replacement of windows and doors
A Reinstatement Valuation is not the same as a Market Valuation. It is the cost to reconstruct a property, not what the current value of the completed property.
A Reinstatement Valuation is required for an accurate valuation for building insurance purposes. Most mortgage lenders require building insurance prior to lending.
You may also need a Reinstatement Valuation conducted by one of our highly experienced, qualified surveyors if you are making a substantial insurance claim, such as fire, subsidence or flood damage. The appointed Loss Adjuster may ask you to appoint a surveyor, or you have the right to appoint your own surveyor, who will work on your behalf with the insurance company.
For more information on Reinstatement Valuations, to discuss your requirements in more detail, or to book an appointment with one of our experienced Reinstatement Surveyors, contact us.