What is a Reinstatement Cost Assessment?
A Reinstatement Cost Assessment estimates the cost of rebuilding an existing property following total destruction, including associated demolition, site clearance and professional fees where applicable. It is prepared for buildings insurance purposes.
Our Chartered Surveyors and qualified building surveyors consider the individual property and use recognised rebuilding cost information, including BCIS data where appropriate, to provide a property-specific assessment for buildings insurance purposes and help reduce the risks associated with an inaccurate reinstatement figure.
Why is an Accurate Rebuild Cost Important?
Construction costs change over time, and alterations to a building can also affect its reinstatement value. If the rebuild figure is too low, there is a risk that the property may not have sufficient cover following a major insured loss. If the figure is unnecessarily high, the owner may potentially be paying for more cover than required.
A professional Reinstatement Cost Assessment considers the individual property rather than relying only on a generic figure or automated calculator.
What Does a Reinstatement Cost Assessment Consider?
Every building is different. Depending on the property and instruction, a surveyor may consider:
- Size, design and construction
- Materials, finishes and specialist features
- Demolition and site-clearance requirements
- Location, access and site constraints
- Current construction and rebuilding costs
- Professional fees, where applicable
- Listed, historic or non-standard features
- Relevant alterations to the property
Our Reinstatement Cost Assessment Process
- Understand the property
Review the property information and scope of the assessment. - Assess the building
Consider its size, construction, materials and relevant features. - Consider rebuilding costs
Review relevant cost information alongside the individual property. - Prepare the assessment
Provide the assessed rebuild figure and relevant information for insurance purposes.
Desktop and Site-Visit Reinstatement Cost Assessments
Sure Surveyors can provide different assessment approaches depending on the property, available information and requirements of the instruction.
Desktop Reinstatement Cost Assessments
Desktop assessments may be suitable where sufficient reliable property information is available. Where appropriate, Sure Surveyors can provide desktop Reinstatement Cost Assessments for properties across the UK using the available property information and relevant cost data. More complex, unusual or higher-value properties may require an inspection.
Site-Visit Reinstatement Cost Assessments
Where an on-site inspection is appropriate, our building surveyors provide Reinstatement Cost Assessments across the East and West Midlands, including Burton-on-Trent, Derby, Birmingham, Wolverhampton, Nottingham, Leicester, Staffordshire, Derbyshire and surrounding areas.
Reinstatement Cost Assessments for Different Properties
Rebuild costs can vary considerably according to the type, construction, location and complexity of a building. Our surveyors consider the characteristics of the individual property rather than treating every building in the same way.
Residential Properties
For homes and residential properties, the assessment considers the building’s individual characteristics to establish an appropriate rebuild figure for buildings insurance.
Commercial Properties
Commercial properties may involve specialist construction, building services, access constraints and other features that can affect reinstatement costs, including offices, industrial units, warehouses, retail premises and mixed-use buildings.
Listed, Historic and Non-Standard Buildings
These properties may have higher reinstatement costs due to specialist materials, traditional construction methods, conservation requirements and specialist workmanship
Reinstatement Cost Assessments Across the Midlands and the UK
Sure Surveyors provides site-visit Reinstatement Cost Assessments across the East and West Midlands, including Burton-on-Trent, Derby, Birmingham, Wolverhampton, Nottingham, Leicester, Staffordshire and Derbyshire. Where suitable, desktop assessments are available across the UK.
When Should You Consider a Reinstatement Cost Assessment?
You may need to review your reinstatement cost if:Your current rebuild figure may be outdated or inaccurate
- The property has been extended, converted or significantly altered
- The building is listed, historic, non-standard or has specialist features
- Construction costs have changed
- You are reviewing insurance for a commercial property or portfolio
Why Choose Sure Surveyors?
A Reinstatement Cost Assessment should reflect the building being insured, not simply a generic online estimate. Sure Surveyors combines building-surveying expertise with a practical understanding of local properties and the factors that can affect rebuilding costs.
Experienced building surveyors
Assessments are undertaken by experienced Chartered Surveyors and qualified building surveyors.
Local knowledge
Based in Burton-on-Trent and working across Derby, Birmingham, Wolverhampton, Nottingham, Leicester, Staffordshire, Derbyshire and the wider Midlands, our surveyors understand local areas and a range of property types.
Property-specific approach
We consider the individual building and the relevant factors that may influence its rebuild cost.
Desktop and site-visit options
Depending on the property and requirements, we can provide desktop assessments UK-wide and site-visit assessments across our Midlands service area.
Clear professional reporting
Our aim is to provide a clear assessment that can support informed discussions about buildings insurance.
Areas We Cover
We provide Reinstatement Cost Assessments in: Burton upon Trent, Derby, Staffordshire & Midlands region
Need to Check Your Property’s Rebuild Cost?
Whether you are reviewing an existing insurance figure, arranging buildings insurance or need a current Reinstatement Cost Assessment for an existing property, speak to Sure Surveyors about the most appropriate assessment for your requirements.
Frequently Asked Questions
What is a Reinstatement Cost Assessment?
A Reinstatement Cost Assessment estimates the cost of rebuilding an existing property following total destruction for buildings insurance purposes, including associated demolition, site clearance and professional fees where applicable. It is concerned with the cost of reinstating the building rather than its open-market sale value.
Is reinstatement cost the same as market value?
No. Market value relates to what a property may sell for, while reinstatement cost relates to the estimated cost of reconstructing the building. The two figures can therefore be very different.
Is a Reinstatement Cost Assessment the same as a rebuild cost assessment?
The terms are commonly used to describe the same underlying requirement: establishing an appropriate estimated cost to rebuild or reinstate a property for buildings insurance purposes.
How is a reinstatement value calculated?
The assessment considers relevant information about the property, which may include its size, construction, materials, location, access, demolition and site-clearance requirements, allowances for professional fees and other costs typically associated with reinstatement, and any specialist characteristics. Professional surveying judgement is applied together with recognised rebuilding cost information, including BCIS data where appropriate.
Can I use an online rebuild cost calculator instead?
Online calculators can provide a useful indication for some standard properties, but they may not capture unusual construction, specialist materials, listed status, access restrictions or other property-specific factors. A professional assessment considers the characteristics of the individual building.
How often should a Reinstatement Cost Assessment be reviewed?
Insurers commonly recommend reviewing reinstatement figures periodically, particularly following major alterations to the property or significant changes in construction costs. The appropriate review point will depend on the property, insurance requirements and individual circumstances.
Do extensions or alterations affect reinstatement cost?
They can. Extensions, conversions and significant alterations may change the cost of reconstructing the building and can therefore affect an existing reinstatement figure.
Do you provide Reinstatement Cost Assessments outside the Midlands?
Yes. Where a desktop assessment is suitable, Sure Surveyors can provide assessments across the UK. Site-visit assessments are focused on the East and West Midlands, including Burton-on-Trent, Derby, Birmingham, Wolverhampton, Nottingham, Leicester, Staffordshire, Derbyshire and surrounding areas.
Do I need a desktop assessment or a site visit?
That depends on the property, the information available and the requirements of the instruction. Contact our team with the property details and we can discuss which approach is appropriate.