Reinstatement Valuation

The key purpose of a Reinstatement Valuation or “Reinstatement Cost Assessment” (RCA) is to ensure that a property is adequately covered by the Buildings Insurance policy in place. This is achieved by establishing what it would cost to demolish and rebuild the property, as well as all of its peripheral features. A professionally conducted RCA will provide a complete assessment of a property’s rebuild costs, taking into consideration

• The main structure (including foundations)
• Half of the cost of party walls/protecting adjoining structures
• The cost of demolition
• The cost of debris removal
• The cost of labour and materials
• The cost of professional fees

It will also take into consideration any unusual fixtures and fittings, or whether the building is listed. As well as the property's various peripheral features, which may include:

• Walls, fences and gates
• Garages, bin stores and outbuildings
• Car parking areas, drives & access roads (including private access roads)
• External lighting
• Sewage and water pumping plant
• Hard (and often soft) landscaping
• Swimming pools, tennis courts and other leisure facilities

How frequently should an RCA be done?

The Royal Institution of Chartered Surveyors (RICS) recommend a full RCA is done every three years or if

you make structural changes, extend, convert lofts, or other such projects.

Please note, we only undertake full RCAs. Desktop reinstatement valuations do not involve site visits and fall outside the scope of the RICS guidance note, so insurers may not accept them as a basis for setting cover.

The risks of over or under insuring your property

Over or under-insuring your asset can result in significant issues. Over-insure your property and you’ll have to pay a premium on your insurance which won’t necessarily align with what your property is worth, while under-insuring your property could be catastrophic in the event of a claim that relies on an under-estimate of the rebuild costs, leaving you to pick up the remainder.

What might affect the rebuild value of my home?

There are many factors that might affect the rebuild cost of a home. Over time, the cost of materials and building works increases, and this may have a significant impact on the overall rebuild costs. Simply replicating the rebuild cost from your previous year’s insurance is therefore unlikely to offer sufficient cover.

Heritage assets with original features will always carry a much higher reinstatement cost than a modern homes as specialist materials and labour would need to be sourced to rebuild and restore. Non-standard construction can also lead to higher rebuild costs. If you have made any significant changes to your home from its original layout – such as adding an extension or conservatory, or having a loft or cellar conversion – the RCA will need to take this into account.

Insurance Valuation Fees:

The fee for providing a Reinstatement Cost Assessment for insurance purposes will be dependent upon the size, complexity and location of the property in question. Our RCA will include an inspection, report and recommendations.

Our Insurance Valuation costs start at £350 + VAT for residential properties. Please contact us for a quote.

By instructing a RICS regulated firm such as A Jestyn Coke Chartered Surveyors to prepare an RCA for insurance purposes, you will you have the peace of mind that you are insured correctly.