Ascertaining the current reinstatement cost of the property is important for ensuring that your insurance is up-to-date, avoiding the risk of underinsurance. A buildings reinstatement cost assessment from a chartered surveyor is highly recommended.

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.

brick wall with large crack

What is the difference between market value and reinstatement value?

The market value of a property is simply how much it is worth on the market. The reinstatement value, however, also takes into account the additional costs involved in restoring the property should it be razed to the ground.

The Risks of Property Underinsurance

Statistics show that around one in four homes are underinsured. This means that, should the property be destroyed, the homeowner would be liable for the shortfall.

Most insurance policies include what is known as the ‘average clause’, meaning that the insurance provider will only be responsible for paying a certain percentage of any claims against the property, which can be as low as 20%. 

You may also have inadvertently overestimated the value of your property, meaning that you will be paying too much for your policy. Either way, an inaccurate reinstatement valuation is costly.

A house under storm clouds requiring buildings insurance

To make sure you’re neither under insured nor paying over the odds for your building insurance, we carry out an inspection of your property to determine rebuilding costs in the event of a disaster. We spend time measuring the dimensions and assessing the type of construction, gathering information on any other factors which might have an impact on the rebuild cost.

This is vital information for your home insurance provider and will allow them to make an accurate assessment of your premium. It’s vital for your peace of mind and financial security too, for you and your family, eliminating the risk of getting into difficulties if your claim won’t cover the cost of replacing your property—a devastating prospect, which a cost assessment from Robinson Elliott could remove in a matter of hours.

Do estate agents give accurate valuations?

While an estate agent can give a good estimate of your property value, it is unlikely to be accurate for calculating the current reinstatement cost of the property. In order to ensure that your building reinstatement valuation is entirely accurate, it is worth engaging the services of a chartered surveyor.

Once you have an accurate reinstatement valuation from a chartered surveyor, you will need to contact your insurance provider straightaway, updating the valuation. Do not wait until it’s time to renew.

Why choose Robinson Elliot?

Robinson Elliott Chartered Surveyors is a firm of highly experienced surveyors, trusted by homeowners across the South East for our expertise and local knowledge. For a building reinstatement cost assessment you can rely on, get in touch with our team and we will be more than happy to discuss your requirements.


  • 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.

  • Just to let you know we have completed on Sheridan Place and are moving in at the weekend. Your survey is proving very useful as we commence the repairs and improvements etc. Thanks again for a job well done.

  • Thank you. It was nice to meet you and have a chat. I like the fact that you give clients verbal feedback following your survey, a nice personal touch and very useful.