Reinstatement Cost Assessments, which were originally referred to as Fire Insurance Valuations, provide an accurate assessment of the cost to rebuild a property or group of properties. If by some unfortunate incident occurs, the property or estate suffers complete destruction, your insurance company will reimburse the cost of rebuilding the property.
When renewing building insurance, most insurance companies will require a reinstatement cost so that the insurance premium can be based on this figure. It is very important that reinstatement cost stated on the policy documents is an accurate assessment of the cost.
If the insurance company considers that the reinstatement cost is in accurate and does not reflect the actual reinstatement cost, then insurance companies may in some instances only pay for a proportion of the claim to reimburse the loss.
Reinstatement Cost Assessments
Base Building Consultancy can prepare Reinstatement Cost Assessments for the majority of building types using BCIS cost data and general in house data.
Once we are instructed to proceed we will carry out the following: Visit and measure the property, assessing the existing level of specification for the building.
Consider the insurance policy’s documents and existing conditions and provide advice.
Prepare a report and cost assessment providing a recommendation of the minimum sum to be insured.
Provide comment on alternative insurance options Base Building Consultancy has provided insurance advice on a variety of buildings ranging from commercial property to Georgian mansions.