Our directly employed, nationwide Building Insurance Surveying team are experts in undertaking Reinstatement Cost Assessments.

They’ll visit and assess all aspects of your property to provide an accurate rebuild valuation, so that your insurance policy will react in the way you’d expect it to – paying you in full in the event of a valid claim.

After a Reinstatement Cost Assessment, to ensure that your rebuild value remains correct and up to date, we recommend following the RICS best practice guidelines which state that a desk-based Major Review should be completed 2 to 3 years after the RCA.

What is a Reinstatement Cost Assessment?

A Reinstatement Cost Assessment involves physically visiting a property to measure and assess the reinstatement costs. They are usually made based on a total loss or of such substantial damage that the entire building will require demolition and rebuilding.

Following the measurement and assessment of the property or premises, a final assessment figure will be given which will include the total cost to rebuild the property, demolition and debris removal and professional and statutory fees. This will make up the declared value for insurance purposes.

Which types of property require a Reinstatement Cost Assessment?

If your property is made from non-standard materials such as stone, has special architectural features, is a listed building, has been altered, has expensive fixtures and fittings, was built before WWII, is difficult to reach, or has changed use it is recommend that a Reinstatement Cost Assessment is carried out by a RICS regulated firm.

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What is included in a Reinstatement Cost Assessment?

Once the property or premises has been visited, assessed, and measured, you will receive a report which will most importantly show the declared value or rebuild value. The report will also include who the inspection was undertaken by and the date, along with a description of the property.

How often do you need to update a Reinstatement Cost Assessment?

The Royal Institute for Chartered Surveyors guidelines state that the sum insured needs to be checked on a regular basis, with an annual adjustment to reflect inflationary effects, and a major review every three years, or earlier should significant alterations be made to the insured property.

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