Insurance Reinstatement Cost Assessments
Regardless of whether you own or lease a single property or a large portfolio, ensuring you have the correct level of insurance cover for buildings and contents is essential. Most insurance companies require a professional evaluation of a building’s rebuild cost in the event of a total loss. This evaluation is known as a Reinstatement Cost Assessment (RCA) and their accuracy is crucial.
The duty is generally placed on the insurance policy holder to assess the value of the sum insured.
An RCA not only takes into account the cost to reinstatement the building but also costs associated with demolition and site clearance, professional and statutory fees.
Being under-insured in the event of a claim will clearly leave the policy holder exposed to potential costs, Should a worst case scenario event take place, an incorrectly valued property may mean that their insurance is insufficient and unable to meet the costs of a rebuild whilst being over-insured clearly attracts unnecessary high premiums.
GNA Surveyors Ltd are highly skilled specialists who are able meet high standard of professional competence and best practice and work on behalf of landlords and tenants to ensure their single property, or portfolio of properties, is adequately insured to reflect their true resistant costs.
GNA Surveyors can tailor our service to mitigate risk in line with your expectations, from high level reinstatement cost assessments based on average rates for a building of a similar size and nature in your specific geographic location to costs that have specifically build up by element to mirror your exact building materials and layout.
Our reports are prepared in accordance with the Royal Institution of Chartered Surveyors (RICS) Practice Standards and we use both online cost information available from the Building Cost Information Service (BCIS) and accurate in-house cost data from recent construction projects.
In line with current RICS guidance; we would recommend that a site survey and subsequent RCA is prepared for each property every 3-5 years, albeit the reinstatement cost should be reviewed and updated annually or as necessary, i.e where the appearance and formation of the property has changed, whether any parts have been demolished or new extensions constructed.
What information is needed for an RCA?
- Full address and postcode
- Unrestricted access to all areas of the property.
- Any floor plans, layouts etc that you may have in your possession.
Please contact us for more information and discuss your requirements in detail.