Reinstatement value of property

Bally48

Hi, I need to calculate the reinstatement value of my flat for insurance purposes.  Does anyone know the best way to go about this?  Thank you.  

Voyager2002

Bally48 said:

Hi, I need to calculate the reinstatement value of my flat for insurance purposes.  Does anyone know the best way to go about this?  Thank you.  

This sounds like a long story...

For a house, you can use the tool on the RICS website to get a number to use for your buildings insurance. For a flat, however, it makes sense for buildings insurance to cover the whole block and so this is arranged by the Freeholder and included in your service charge.

You might care to explain why you need this figure, so that someone can suggest a way forward for you.

MyRealNameToo

Bally48 said:

Hi, I need to calculate the reinstatement value of my flat for insurance purposes.  Does anyone know the best way to go about this?  Thank you.  

Are you in Scotland? 

Are you sure the freeholder isnt the one buying the building insurance?

Voyager2002 said:
For a house, you can use the tool on the RICS website to get a number to use for your buildings insurance.

The RICS tool also does flats

user1977

A previous post by the OP implies they're in Scotland, yes.

Bally48

Thanks for all replies.  I am in Scotland and there is insurance through a Factor for common areas only so I need to insure my own property myself.  I tried the RCIS tool and inserted all the relevant information, but when I insert the size of the property, which I took from the Home Report, I get an error message saying "The floor area you have entered is larger than those covered in the calculator".  I don't have a mortgage so have no other paperwork re the property size.  I think I will need to instruct a surveyor to advise on the reinstatement figure before I can go forward with the insurance.  

MyRealNameToo

How big is the flat? Are you sure you have set it correctly between feet and meters?  The default is meters though most people talk about building size in feet

user1977

There are also insurers which don't require you to state a reinstatement value (they'll just cover whatever e.g. a 2 bed flat in G11 would cost).

MyRealNameToo

user1977 said:

There are also insurers which don't require you to state a reinstatement value (they'll just cover whatever e.g. a 2 bed flat in G11 would cost).

"Bedroom rated" policies can be either a high limit or unlimited. Whilst its probably unlikely the rebuild would exceed the £0.5m or £1m that the bedroom policies tend to start at we do need to be mindful that the OP believes their flat is over 1,200 sq ft and so its rebuild cost could be very high. 

Most bedroom rated policies arent unlimited so the limit does apply, for pricing they will effectively guesstimate the value of a 2 bed flat in G11 at the end of the day if it was of the low limit policies like £250k and the rebuild cost of your flat is £300k you would still be uninsured and averaging is likely to still apply even though it was a bedroom rated policy. 

user1977

MyRealNameToo said:

user1977 said:

There are also insurers which don't require you to state a reinstatement value (they'll just cover whatever e.g. a 2 bed flat in G11 would cost).

we do need to be mindful that the OP believes their flat is over 1,200 sq ft and so its rebuild cost could be very high.  

That seems a pretty standard size for the example I gave, though we don't know what the OP is actually dealing with.

MyRealNameToo

user1977 said:

MyRealNameToo said:

user1977 said:

There are also insurers which don't require you to state a reinstatement value (they'll just cover whatever e.g. a 2 bed flat in G11 would cost).

we do need to be mindful that the OP believes their flat is over 1,200 sq ft and so its rebuild cost could be very high.  

That seems a pretty standard size for the example I gave, though we don't know what the OP is actually dealing with.

111m2 is a fairly big flat, a quick check on right move shows most in G11 and 2 bed being around 75m2 and the new build type typically a bit smaller. Didnt see any that were over 100m2 

In our area you do get 125m+ 2 bed flats but they come with a seven figure price tag and most the time the first number isnt a 1.