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Are you over or under insured? Possibly paying too much for your Buildings Insurance?
An insurance reinstatement valuation (also known as a reinstatement cost assessment or building sum insured) refers to the amount it would cost to rebuild the entire building from scratch in the event of catastrophic damage. It assumes a total - loss scenario and therefore includes costs of demolition, site clearance, estimates of materials, labour and professional fees.
In order to provide insurance coverage for the premises, almost all insurance providers will require an insurance reinstatement valuation to be carried out by a qualified professional.
Calculating the reinstatement cost of a building is a highly technical and complex process, but accuracy is vital as this is the maximum your insurer will pay out if you claim. Your building should be insured for the-building cost (not what you paid for the property or the current market value).
Even if you have had a reinstatement cost assessment carried out in the past, these can become out of date within a few years. Insurance companies generally index link rebuilding costs year on year, which can distort figures compared to true reconstruction values. The Royal Institution of Chartered Surveyors (RICS) recommends that reinstatement costs are reviewed annually with a desktop assessment, and a full evaluation is carried out every 3 years, or when significant changes are made to the building.
Our valuations use the most up to date data provided by the Royal Institution of Chartered Surveyors Building Cost Information Service.
What an excellent high quality company. Such a friendly, helpful and rewarding process. The documentation provided from the survey was so detailed and concise yet structured in an easy to read/understand format. The after service was brilliant with Andrew keeping me updated of the progress of the survey. Andrew was also very helpful when I contacted him regarding a couple of questions. I cannot rate or recommend Lockwood's highly enough. A first class highly professional company.
Excellent service with great communication pre and post survey. The level 2 report I received was very detailed and it allowed me to make an informed decision about the property purchase.
Very thorough and personalised service and excellent value. Lockwood also offers a drone aerial view of the roof which is well worth the extra investment.
Very professional
Very in depth survey
Excellent all round service
We would highly recommend Lockwood Chartered Surveyors. Their secretary Sandrine was very helpful and patient when explaining what the surveys could offer. Andrew completed our survey and was informative, thorough and professional. He also shared the report following the survey in a timely fashion. Thanks again!
Copyright Lockwood Surveyors Ltd 2025. Regulated by RICS | Lockwood Chartered Surveyors is the trading name for Lockwood Surveyors Ltd (Company No. 15564043) | Registered in England: Anglia House, 6 Central Avenue, Norwich, Norfolk, NR7 0HR.
Andrew was a brilliant choice when it came to instructing a surveyor for our property purchase. We chose Andrew from his 5* reviews and great reputation.
On the day of our survey, he called me before he was due to leave the property to ensure there wasn’t anything else specifically we wanted him to check, which to me shows care and attention to detail.
A few days later, we received a thorough report which helped to highlight a few things we never would have known about without Andrew’s help and expertise. His help also continued after the survey by suggesting recommended contractors for repairs which were needed.
Sandrine was also extremely helpful in the organisation of the survey and did everything she promised she would.
We would highly recommend Lockwood Chartered Surveyors.