Reinstatement Cost Assessment

Reinstatement Cost Assessment

The right reinstatement cost assessment ensures you will have sufficient cover to rebuild your property if the worst happens.

Reinstatement Cost Assessments (RCA) estimate the anticipated cost of reconstructing a building for insurance purposes in the event of substantial damage or total loss.

The production of an RCA involves two phases.  A general inspection of the property to gather information needed to complete the reinstatement cost assessment.  Our surveyors will take sufficient notes, photographs and measurements to record:

  • The layout of the building
  • A general schedule of accommodation use
  • The type and form of construction
  • A summary of the building’s services
  • A summary of external areas
  • A summary of specialist features

Second is the production of the assessment itself.  With few exceptions, the final assessment figure will comprise the total cost of completely rebuilding the property to be insured together with allowances covering demolition and debris removal along with professional and statutory fees. The usual requirement for a reinstatement cost assessment is that it is prepared on a basis of a day one reinstatement figure known as the declared value.

Insurance companies use RCAs as a basis for determining the appropriate amount of insurance cover to offer their clients.  Having the correct declared value is important to determine whether a building is under or over insured, which is especially important in consideration of loss.  It also has an impact on premium.

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