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To ensure that the reinstatement cost assessment is accurate and adequately safeguards your most valuable asset, it should be performed every three to five years, as advised by the RICS.

Reliable Reinstatement assessment

Employing a fully qualified RICS (Royal Institution of Chartered Surveyors) valuer to conduct a reinstatement cost assessment (valuation) of your development and all items that belong to the site is the best way to ensure that you have the correct declared value in place under your policy.

Correct Valuations

By underinsuring your assets you may not get fully compensated to reinstate the damage.

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Professional approach

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Experienced surveyors

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How Does A Reinstatement Cost Assessment Work?

You will receive a thorough rebuild cost estimate based on BCIS build costs, other published cost information, and our experience with current tender cost rates when you have a Reinstatement Cost Assessment. You will require the assistance of a qualified surveyor to determine the extent of Reinstatement Costs.

The surveyors at Hamilton Consultancy are led by a director and have a wealth of experience in all commercial sectors, including office, industrial, retail, and leisure. These skill sets enable us to calculate an accurate cost of rebuilding your property.

WHAT HAPPENS IN THE EVENT OF A CLAIM?

Your reinstatement cost estimate will be used as a guide to the insurance payout in the event of a claim. To handle the claim and determine the extent of the damage and the cost of repairs, your insurance company will designate a loss adjuster. To make sure the building is properly restored, surveyors are frequently hired to evaluate the damage and associated costs.

WHEN SHOULD A RCA BE CONDUCTED?

A yearly adjustment to account for inflationary effects is advised by the most recent RICS October 2018 guidance, as well as “a major review and reassessment every three years, or earlier should significant alterations be made to the insured property”

Property underinsurance is on the rise as a result of rising construction costs, labour shortages, and record energy prices. It is strongly advised to have a reinstatement cost assessment done in order to protect your property and make sure it is insured at a fair market value.

Frequently Asked Questions

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