What is an Insurance Reinstatement figure?

This is the amount of money for which your home is insured in case of total loss. The Reinstatement Cost (also known as rebuild cost or building sum insured) of your home, is the amount it would cost to completely rebuild the property from scratch if it were totally destroyed, by a fire for example. It is required for building insurance applications and it includes, costs of clearing the site, materials, labour and professional fees. Having an accurate reinstatement value is vital to both commercial and residential clients to ensure, in the event of a claim, that they are neither under nor over-insured.