Thank you again for your very thorough and helpful report. it will become the backbone of our efforts to maintain the house in the coming months and years, hopefully, if all goes well.
What is building reinstatement value?
The reinstatement value of a property is the cost that it would take to rebuild the property should it be destroyed (by fire, for example). It is an important aspect of your insurance, and is subject to change over time.
It’s important to consider that the value of your home may have changed over time. Perhaps you’ve built an extension or carried out an expensive refurbishment? It’s quite possible, then, that your insurance is too low, and you could benefit from a buildings reinstatement cost assessment. Each valuation needs to be index-linked with inflation, and other factors must be taken into account, such as the improvements you’ve made, fluctuations in market value and building costs, including the rising costs of materials.