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A Reinstatement Cost Assessment is the basis adopted by the Royal Institution of Chartered Surveyors (RICS) for undertaking an appraisal of property for insurance purposes. The term reinstatement indicates to repair, reconstruct or renew the property to a condition equal to (but not better than) when new.
It is important for building owners and purchasers to know the accurate rebuild cost of their property to ensure they are not under insured. Equally, property owners will be paying inflated property insurance sums if they are over insured.
Our specialist RICS Registered Valuers can assess properties and provide Insurance Reinstatement Valuations (Re-building Cost Assessments) for owners of all residential and commercial properties.
Our expert team of Chartered Valuation Surveyors can inspect, assess and undertake calculations to advise regarding an adequate rebuild cost. This is typically achieved by taking detailed measurements and analysis of the property and using rebuilding cost information provided by BCIS and RICS.
Why Have an Insurance Reinstatement Valuation?
As the market value of your property has no direct relationship to the reinstatement cost of your building, many people have no idea as to an accurate re-build sum.
However, as the property owner, it is your responsibility to insure for the right rebuilding cost value and ensure that you are not under-insured to prevent penalties in the event of claims (for fire damage and floods etc). It is particularly relevant to commercial insurance policies where, in a number of cases, clauses such as “Average” can be implemented by insurers if sums insured are low.
How much does a Reinstatement Cost Valuation cost?
Please contact us for a personal quote.