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Reinstatement cost assessment

Insurance reinstatement cost assessments are one of the most important considerations for a landlord or property owner.

Reinstatement cost assessment involves valuing the rebuilding costs of your property to ensure you have the correct level of insurance cover. Effectively the maximum amount your insurers will pay if the property needs to be entirely rebuilt.

Accurately assessing building reinstatement costs is key in preventing being over- and under-insured.

Under-insured

Your insurer is not obliged to cover the full cost of any repairs meaning that as the building owner you’ll need to fund any shortfall.

Over-insured

You’re paying a premium much higher than necessary.

Whilst it is preferable to be over-insured, significant savings can be made on premiums by carrying out accurate reinstatement cost assessments.

Our assessments are based on our experience and up-to-date construction costs together with any site-specific constraints.

Insurance brokers tend to base their renewal premium on inflation, which is not always in line with the construction market. It is important to have the value checked and confirmed regularly and we recommend that reinstatement cost assessments are reviewed every three years.

Whether it’s a single property or a portfolio we can carry out reinstatement cost assessments to ensure you’re insured at an appropriate level.