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Reinstatement Cost Calculation(£49)
This reinstatement cost is the estimated cost of completely rebuilding
the property based on information from BCIS, a service which provides
building cost information and which is approved by the Association of
British Insurers. It represents the sum at which the home should be
insured against fire and other risks. It is based on building and other
related costs and does not include the value of the land the home is built
on. It does not include leisure facilities such as swimming pools and
tennis courts. The figure should be reviewed regularly as building costs
change. Importantly, it is not a valuation of the property. If the property is
very large or historic, or if it incorporates special features or is of unusual
construction, then BCIS data cannot cover it and a specialist would be
needed to assess the reinstatement cost. In such circumstances no
cost figure is provided and the report will indicate that a specialist is
needed.