Reinstatement Cost Assessment & Insurance

A Reinstatement Cost Assessment (RCA), also known as a rebuild valuation or insurance valuation, is an assessment of the estimated cost required to rebuild or reinstate a property to its original condition in the event of damage or destruction. It is commonly used for insurance purposes to determine the appropriate level of coverage needed to adequately protect the property.

The RCA takes into account various factors such as the size, specific architectural features, construction materials, historical significance and quality of the property. It considers the cost of labour, materials, and professional fees required to reconstruct the property to its previous state, including any necessary demolition or site clearance.

The assessment is essential to ensure that the property is adequately insured. Under insurance can lead to significant financial loss in the event of a claim, as the insurance payout may not cover the full cost of rebuilding the property. Over insurance, on the other hand, can result in unnecessarily high insurance premiums.

Do I need a Reinstatement Cost Assessment?

It's important to note that the RCA is different from the market value of the property. While market value reflects the price the property could fetch on the open market, the RCA focuses solely on the cost of rebuilding the property to its original condition. Therefore, insurers require a professional assessment of the rebuilding costs in the event of total destruction or substantial damage. An independent and professional RCA will account for fluctuations in building construction costs and inflationary effects since the last assessment. A regular review of the original RCA is then recommended to be carried out every 3 years to ensure that your rebuild value remains up to date and accurate.

Why Mylako Chartered Surveyors?

As accredited RICS surveyors, we possess the expertise to deliver accurate Reinstatement Cost Assessments to ensure that your properties are adequately insured. This avoids the risk of paying too much on premiums, or too little which could leave you exposed to a financial loss.

Our surveyors will visit each site and conduct extensive research utilising BCIS data and other relevant sources to provide accurate reports in accordance with current RICS guidelines. Our rebuild values are based on constructions costs together with appropriate allowances, including demolition and professional fees. Our RCA reports also includes a detailed description of the property, a schedule of floor areas and the estimated construction time to support your premium negotiations with the insurer.

Contact us today to speak with one our experts about your specific requirements and enjoy the peace of mind that comes with a highly skilled team, accurate valuations, and comprehensive reports.

What to find out more?

Contact our RICS registered valuers today to arrange your valuation appointment that will save you time and money, speak to us directly on 020 7183 0321.

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