Insurance Reinstatement Valuation

Discover the value of your property for your insurance with our building reinstatement valuations.

The Importance of Building Reinstatement Valuation for Insurance

A reinstatement valuation is the estimated amount for which your home or building should be insured and the cost associated with its reinstatement should the property be destroyed (in a fire, for example). This assessment is key to protecting your investment, read on to find out more about our Insurance Reinstatement Valuation and Reinstatement Cost Assessments or contact our team now to get started.

Why do I need an Insurance Reinstatement Valuation?

It is vitally important to both commercial and residential clients that insurance valuations are undertaken regularly to ensure, in the event of a claim on building insurance, they are neither under nor over-insured.

In many instances, proper insurance is a specific requirement under the terms of a commercial lease, or a policy is required by mortgage lenders before lending. Watsons can provide professional advice on the estimated reinstatement costs of a customer’s asset for insurance purposes, ensuring the continued protection of their investment.

Our valuations are rooted in the latest data from the Royal Institution of Chartered Surveyors Building Cost Information Service (BCIS). 

While determining insurance for a property, its sale price or current market valuation typically doesn’t serve as suitable benchmarks.

Building Reinstatement Valuation primarily examines the projected costs of restoring a property after a catastrophic loss or when the damage is so extensive that it warrants complete demolition and reconstruction. 

It is worth noting that having an inaccurate reinstatement valuation for a building could seriously jeopardise the position of a building owner in the event of an accident as if insufficient cover has been taken, it may not be possible to rebuild the building or find finance to do so.

As always, our insurance reinstatement valuations are regulated by The Royal Institution of Chartered Surveyors (RICS).

Insurance Reinstatement Valuation: Case Study

Thatched Treasure Protected: How We Insured a Historic Gem

We understand that sorting the right insurance to protect your biggest investment, your home, can be a complex and confusing process. Navigating this isn’t a walk in the park, especially for unique properties. That’s where our Insurance Reinstatement Valuation stepped in, ensuring this home was properly insured.

Meet the Client: An owner of a charming Grade II listed property, complete with a characterful thatched roof. Getting the right insurance was a task for such a unique property, that’s where our Insurance Reinstatement Valuation stepped in, ensuring this historic home was properly covered.

Challenge Accepted: The existing insurer wouldn’t negotiate with our client without an accurate insurance reinstatement valuation. The complexity? A thatched roof and timber-framed walls, layered with centuries of history. 

Our Approach:

In-depth Inspection: We meticulously assessed the entire property, from the charming 17th-century core to the modern extension, noting every detail like chimneys and bathrooms.

Double the Care: Recognising the property’s distinct sections, we performed separate BCIS calculations for each, ensuring precision.

Beyond the Numbers: We factored in the thatched roof and timber frame’s unique costs, drawing on our experience and market data.

The Outcome
Our client received an accurate and detailed insurance reinstatement valuation, tailored to this one-of-a-kind home. Now, they rest easy knowing his treasured property is fully protected.

Why chose Watsons?

Peace of Mind: Get the right coverage, avoiding under- or over-insurance worries.

Expert Guidance: We navigate the complexities of all properties not just historic properties, so you don’t have to.

Tailored Solution: Receive a valuation unique to your home, not a one-size-fits-all approach.

Ready to safeguard your home, no matter its history? Contact Watsons today for a free consultation. Let’s ensure your haven is truly protected.

Check out our blog for more property insights and success stories!

Survey Services

An home survey will provide you with a clear understanding of the property’s condition.

Valuation Services

We provide a valuation service that gives our clients confidence they have the full picture.

Commercial Services

We offer a reliable and comprehensive service across all sectors of the commercial markets.

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PLEASE NOTE

Our Offices Will Be Closed Over the Festive Period From the 25th December 2024 - 2nd January 2025​

For out of hours contact/emergencies please see information below:

  • For Tenants/Landlords – Please call our main lettings number – 01603 751555 – and follow the instructions. These instructions will provide you with an out of hours contact number, plus the number of an emergency plumber.
  • For Leaseholders – Please call our main Block & Estate Management number – 01603 226500 – and follow the prompts. Listed are numbers for various contractors, depending on the type of emergency.

From all of us at Watsons, - Have a Merry Christmas and Happy New Year!​