_You’ve completed on your property, now what’s next? 

The insurance company will want two figures, one is the market value (what your property is worth) and then a reinstatement cost.  The reinstatement cost is something that often puzzles clients, particularly as the figure is usually quite different from its market value.  

As part of my role as a Chartered Building Surveyor I regularly conduct reinstatement surveys for clients. Whilst re-building your home is not something anyone wants to consider, it does give you an accurate valuation and a comprehensive understanding of your home’s reinstatement value. If the worst happened and your home was destroyed, if you had under-valued the property, you’d be in a very difficult situation. 

Insurers need to know how much it would cost to rebuild your property from scratch if it is destroyed.  This does not simply include the construction cost. It will include other costs such as demolition, professional fees, building regulations fees, planning permission fees etc. Obtaining a reinstatement cost assessment is particularly important if you own a non-standard building; a listed building, a thatched property, a property with a basement and so on.  

Even for homes built relatively recently, clients are often surprised how much the reinstatement figure has changed since they bought the property. This might be due to inflation and the costs of labour as well as the implications of health and safety legislation which may not have been applicable when your property was originally built.

If you need a reinstatement survey for your property, Knight Frank Residential Building Consultancy can survey your property and provide you with a detailed report in accordance with RICS Reinstatement Cost Assessments of Buildings guidelines which you can give to your insurance company. For more information, please contact Daniel Maull or get in touch with a member of the team below.