Property / Reinstatement Surveys
A property or reinstatement survey is an inspection carried out to determine the accurate rebuild cost of a home or commercial building. When deciding on your property insured, you need to consider the rebuild costs. The goal is to ensure the property is neither underinsured nor overinsured.
It’s not a valuation of the market price, it’s a calculation of how much it would cost to rebuild the property from scratch if it were completely destroyed.
Why Reinstatement Surveys Are Important
1. Prevent Underinsurance
If your property is insured for less than its true rebuild cost, insurers can apply the Average Clause, which reduces claim payouts. A correct reinstatement value protects you from this.
2. Ensure Adequate Cover
A professional survey ensures your policy reflects:
- Current construction costs
- Professional fees
- Demolition and debris removal
- Site conditions
This means no reduced payout in the event of making a claim.
3. Accurate Premiums
You only pay for the cover you actually need – not too much, not too little.
Our survey reports include but are not limited to:
- Commentary surrounding the current state of repair of the property.
- Recommendations to minimise future loss or damage occurring to the property.
- Photographic evidence of the structure.
- Building measurements (e.g. internal and external dimensions, extensions, outbuildings, garages).
- Construction details (e.g. walls, floors, roof structure, heating and electrical systems, fire safety features).
- Site factors and special features (e.g. properties of non-standard construction).
- Estimated reconstruction costs in the event of total loss.
When Should You Get a Property Survey?
- When taking out a new insurance policy
- After renovations or extensions
- Every 1-2 years to stay in line with market rates, inflation and rising construction costs
- When requested by your Insurer or lender
- After a claim, to avoid future underinsurance
Why It Matters
- You are adequately insured
- You avoid a settlement being reduced in the event of a claim
- Your Insurer has accurate, up to date information
- You have peace of mind knowing you are fully protected