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Insurance Reinstatement

Posted by novidigital on 07/06/2022

Insurance reinstatement assessment

Accurately assessing properties is more important than ever due to the rising costs of building materials and labour. At Fisher Wrathall Surveyors, we provide tailored insurance reinstatement services so that you receive adequate compensation in the event of a claim.

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What is insurance reinstatement?

When discussing property insurance, the reinstatement assessment is often the least well-understood aspect of the coverage. Insurance reinstatement ensures that you receive a fair RICS assessment for your property if you had to rebuild the property from the ground up. This is particularly important in the event of severe structural damage to a property as it guarantees you receive the right pay-out, in a worst-case scenario. In short, insurance reinstatement is a way to know the overall cost of reinstating your property if you had to rebuild it entirely.

Insurance reinstatement works by having a surveyor assess the property and perform various calculations to determine the reinstatement value. There is a considerable amount of work that goes into this, including looking at how the building was constructed and where it lies.

How can we help?

Our team at Fisher Wrathall Surveyors ensures that your insurance covers your property for the maximum possible loss so that in the worst-case scenario, you are fairly compensated. This is directly related to the reinstatement value, which is why it’s such an important part of property insurance.

We can help you review the level of coverage that your insurance provides you and inspect the property to ensure the figures are accurate and up-to-date. UK rented homes underinsured by £315 billion, with 9 out of 10 UK properties insured for the wrong amount. Our chartered surveyors provide RICS approved property valuations for your property so that you receive full coverage for your property insurance.

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