Reinstatement Cost Assessments
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.
Professional approach
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Experienced surveyors
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How Does A Reinstatement Cost Assessment Work?
When you have a Reinstatement Cost Assessment, you’ll receive a thorough rebuild cost estimate based on BCIS build costs, other published cost information, as well as our experience of current tender cost rates. To establish the level of Reinstatement Costs will be, you will need the help of a qualified surveyor.
A professionally conducted RCA will provide a complete assessment of a property’s rebuild costs, taking into consideration:
The main structure (including foundations)
Half of the cost of party walls/protecting adjoining structures
The cost of demolition
The cost of debris removal
The cost of labour and materials
The cost of professional fees
It will also take into consideration any unusual fixtures and fittings, or whether the building is listed. As well as the property’s various peripheral features, which may include:
Walls, fences and gates
Garages, bin stores and outbuildings
Car parking areas, drives & access roads (including private access roads)
External lighting
Sewage and water pumping plant
Hard (and often soft) landscaping
Swimming pools, tennis courts and other leisure facilities
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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Inventore Veritatis Et Quasi Architecto Beatae Vitae?
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Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit.