A reinstatement cost assessment is an evaluation conducted to estimate the cost of rebuilding or reinstating a property in the event of damage or destruction.
A reinstatement cost assessment helps property owners or insurance companies determine the appropriate level of insurance coverage needed to rebuild a property in case of a total loss. It takes into account factors such as the size, type, and construction materials of the building, as well as the current construction costs in the specific location.
At Navah Consulting reinstatement costs assessments are completed using up to date BCIS (Building Cost Information Cost) data. BCIS is a division of the Royal Institution of Chartered Surveyors (RICS) that provides construction cost data.
The assessment is typically carried out by a surveyor who visits the property and evaluates its various elements, including the structure, finishes, fixtures, and any unique features. The surveyor then calculates the estimated cost of rebuilding the property to its original condition, considering factors like labor, materials, professional fees, and other associated costs.
Reinstatement cost assessments are crucial to ensure that property owners have adequate insurance coverage, as underinsurance can lead to significant financial losses in the event of a claim.
Note, it is important to regularly update the assessment to account for changes in construction costs, building regulations, or any modifications made to the property that may affect its reinstatement value.
Be sure to get in contact to discuss your requirements.
