herbouwwaarde

Herbouwwaarde, or reconstruction value, is the estimated amount required to rebuild a property on its original location after destruction, excluding the value of the land. It is commonly used in home insurance to determine the level of coverage and the amount available for settlement in case of total loss.

The reconstruction value reflects the cost to rebuild the building in its current state, using equivalent materials, design and standards, taking into account construction costs, labour, permits, and professional fees. It also often includes demolition and site clearance, temporary housing if needed, and contingency allowances for the rebuild.

What is included and what is excluded can vary by policy. Typically, herbouwwaarde includes the physical structure and reconstruction-related expenses, but excludes the land value, the contents of the home, and any improvements that go beyond the current design or current building codes if not part of normal reconstruction. It may also exclude enhancements that would raise the value beyond a straightforward rebuild.

Calculation of herbouwwaarde is usually performed by insurers or professional appraisers and is based on factors such as gross floor area, building type and materials, finish level, location, local construction costs, and applicable building regulations. Regular updates are common, as costs and standards change over time.

Relation to other values: herbouwwaarde is different from market value (the price a property can fetch on the open market) and from nieuwwaarde (the cost to replace the building with a brand-new version). Ensuring a policy is aligned with the correct reconstruction value helps prevent under- or over-insurance and supports adequate compensation after damage.