All properties, whether they are commercial, industrial or residential, require insurance and Insurers will ask you for an accurate figure for reinstatement purposes.
Reinstatement simply means putting the property back to its former state should the unthinkable happen, such as a flood, fire or natural disaster. Insurers will require a reinstatement figure of how much it would cost to rebuild the property using the same materials originally used.
Do not underestimate the value of reinstatement
This is a different figure to your properties market value, or even the build cost, as it also needs to include the costs of clearing the site and other expenses. An understated reinstatement figure will leave you having to pay the difference between your Insurance claim and the final reinstatement bill which could be costly. It is too easy to leave yourself unnecessarily exposed with an inaccurate Reinstatement Cost Assessment.
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