diff --git a/Text/Shakespeare.hs b/Text/Shakespeare.hs
--- a/Text/Shakespeare.hs
+++ b/Text/Shakespeare.hs
@@ -410,15 +410,15 @@
 type MTime = UTCTime
 
 {-# NOINLINE reloadMapRef #-}
-reloadMapRef :: IORef (M.Map FilePath (MTime, Builder))
+reloadMapRef :: IORef (M.Map FilePath (MTime, [Content]))
 reloadMapRef = unsafePerformIO $ newIORef M.empty
 
-lookupReloadMap :: FilePath -> IO (Maybe (MTime, Builder))
+lookupReloadMap :: FilePath -> IO (Maybe (MTime, [Content]))
 lookupReloadMap fp = do
   reloads <- readIORef reloadMapRef
   return $ M.lookup fp reloads
 
-insertReloadMap :: FilePath -> (MTime, Builder) -> IO Builder
+insertReloadMap :: FilePath -> (MTime, [Content]) -> IO [Content]
 insertReloadMap fp (mt, content) = atomicModifyIORef reloadMapRef
   (\reloadMap -> (M.insert fp (mt, content) reloadMap, content))
 
@@ -453,14 +453,16 @@
     mdata <- lookupReloadMap fp
     case mdata of
       Just (lastMtime, lastContents) ->
-        if mtime == lastMtime then return lastContents
-          else newContent mtime
-      Nothing -> newContent mtime
+        if mtime == lastMtime then return $ go' lastContents
+          else fmap go' $ newContent mtime
+      Nothing -> fmap go' $ newContent mtime
   where
     newContent mtime = do
         str <- readFileUtf8 fp
         s <- preFilter (Just fp) settings str
-        insertReloadMap fp $ (mtime, mconcat $ map go $ contentFromString settings s)
+        insertReloadMap fp $ (mtime, contentFromString settings s)
+
+    go' = mconcat . map go
 
     go :: Content -> Builder
     go (ContentRaw s) = fromText $ TS.pack s
diff --git a/shakespeare.cabal b/shakespeare.cabal
--- a/shakespeare.cabal
+++ b/shakespeare.cabal
@@ -1,5 +1,5 @@
 name:            shakespeare
-version:         1.0.5
+version:         1.0.5.1
 license:         MIT
 license-file:    LICENSE
 author:          Michael Snoyman <michael@snoyman.com>
@@ -21,6 +21,7 @@
 cabal-version:   >= 1.8
 build-type:      Simple
 homepage:        http://www.yesodweb.com/book/shakespearean-templates
+extra-source-files: test/reload.txt
 
 library
     build-depends:   base             >= 4       && < 5
diff --git a/test/ShakespeareBaseTest.hs b/test/ShakespeareBaseTest.hs
--- a/test/ShakespeareBaseTest.hs
+++ b/test/ShakespeareBaseTest.hs
@@ -1,3 +1,4 @@
+{-# LANGUAGE TemplateHaskell #-}
 module ShakespeareBaseTest (specs) where
 
 import Test.Hspec
@@ -6,6 +7,9 @@
 import Text.ParserCombinators.Parsec (parse, ParseError, (<|>))
 import Text.Shakespeare.Base (parseVarString, parseUrlString, parseIntString)
 import Text.Shakespeare (preFilter, defaultShakespeareSettings, ShakespeareSettings(..), PreConvert(..), PreConversion(..))
+import Language.Haskell.TH.Syntax (Exp (VarE))
+import Data.Text.Lazy.Builder (fromString, toLazyText)
+import Data.Text.Lazy (pack)
 
 -- run :: Text.Parsec.Prim.Parsec Text.Parsec.Pos.SourceName () c -> Text.Parsec.Pos.SourceName -> c
 
@@ -36,6 +40,16 @@
   it "preFilter ignore comments" $ do
     preFilterN preConversionSettings templateCommented
       `shouldReturn` "unchanged & '#{var}' @{url} '^{int}'"
+
+  it "reload" $ do
+    let helper input = $(do
+            shakespeareFileReload defaultShakespeareSettings
+                { toBuilder = VarE 'fromString
+                , wrap = VarE 'toLazyText
+                , unwrap = VarE 'undefined
+                } "test/reload.txt") undefined
+    helper "here1" `shouldBe` pack "here1\n"
+    helper "here2" `shouldBe` pack "here2\n"
 
   where
     varString = parseVarString '%'
diff --git a/test/reload.txt b/test/reload.txt
new file mode 100644
--- /dev/null
+++ b/test/reload.txt
@@ -0,0 +1,1 @@
+#{input}