As a property owner, it is your responsibility to ensure you have the right rebuild cost value so that you are not underinsured. This will prevent penalties in the event of a claim, eg for fire damage, flooding etc. This is where our Rebuild Cost service, also known as a Reinstatement Cost Assessment, can help you.
Our specialist RICS registered valuers assess properties and provide insurance reinstatement valuations (rebuild costs) for owners of residential and commercial properties.
Our surveyors conduct on-site inspections to ascertain the property's characteristics, including structural elements, building fabrics, finish, facilities and utilities. Drawing on our own expertise and using RICS and BCIS data, we carefully calculate the rebuild cost and advise our clients of the appropriate sum when they come to insure their property.
// Why Obtain a Reinstatement Valuation?
The market value of your property has no direct relationship to the reinstatement cost of your building, and many people have little or no idea of the actual sum that the property should be insured for.
This is particularly relevant to commercial insurance policies, where insurers can implement the Average Clause for underinsured properties when the sum insured is too low. This often means that the policyholder can bear a good proportion of the risk when property is underinsured.
Over the last few years, there have been substantial increases in build costs in terms of materials and labour. Policies are often out of sync with current market conditions, which are often influenced by global events.
We use current cost data from both the RICS and BCIS to ensure that construction costs, labour rates and material prices are up to date. We are aware of ever-changing market prices and keep abreast of these using the very latest data, which is updated monthly.
Our reports provide a detailed breakdown of the rebuild costs, including demolition, construction, professional fees and VAT, amongst others.
If you've been asked to provide a rebuild cost value, or you are concerned that your property may be underinsured, call or email us now. We can help you, and it won't cost you the earth! What’s more, we talk in terms you’ll understand.
// Testimonials
