Reinstatement Cost Assessments
RICS-regulated rebuild cost assessments for residential properties, including flats and houses.
If your property had to be rebuilt after a major loss, would your buildings insurance cover the cost? A Reinstatement Cost Assessment estimates the amount needed to rebuild it, helping you set an appropriate sum insured. Murrins Surveyors provides assessments for properties In Bromley, and the South East.
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What is a Reinstatement Cost Assessment?
A Reinstatement Cost Assessment (RCA) estimates how much it would cost to rebuild a property if it were destroyed or seriously damaged. It helps you choose an appropriate buildings insurance sum to be insured.
The assessment considers more than the cost of the building work. Depending on the property, it may also allow for demolition and site clearance, professional fees and other costs involved in rebuilding. The resulting figure is different from the property’s market value or the price you paid for it.
An RCA gives you a reasoned figure to provide to your insurer. It can help reduce the risk of being underinsured while avoiding cover based on a figure that is unnecessarily high.
Why choose Murrins for your Reinstatement Cost Assessment?
An assessment tailored to your property. Rebuilding costs depend on the building itself, its construction and the practicalities of rebuilding it. We consider these factors when preparing your assessment.
Clear advice from RICS Building Surveyors. We explain the reinstatement figure in plain English, so you understand what it is intended to cover and how it differs from market value.
Local knowledge. Based in South East London, we assess properties across SE London, Kent, Surrey, Sussex and Essex, from typical homes to older and more unusual buildings.
A useful figure for your insurer. You’ll receive a written assessment to help you set your buildings insurance sum insured with greater confidence.
What’s Involved in a Reinstatement Cost Assessment?
From instruction to report, we undertake all our Reinstatement Cost Assessments with care and expertise.
2. We inspection the property: Your surveyor will inspect the property to record its size, construction, features and surroundings before calculating its estimated rebuilding cost.
2. We calculate the rebuilding cost. We use the property details and relevant construction cost data to estimate the cost of rebuilding. Where applicable, we also consider demolition and site clearance, professional fees and factors specific to the site.
3. We provide a written assessment. Your report sets out the assessed reinstatement figure and the basis on which it was calculated. You can use it to discuss the appropriate buildings insurance sum insured with your insurer.
Reinstatement Cost Assessment FAQs
Read some of the most common questions from people looking for a Reinstatement Cost Assessment.
No. Market value is what a buyer might pay for the property. Reinstatement cost estimates what it would cost to rebuild it following a major loss. The two figures can be very different.
Your insurer asks for a buildings insurance sum insured. An assessment gives you a property-specific figure to help set that amount and reduce the risk of underinsurance.
Yes. For an initial assessment under the RICS professional standard, we inspect the property to gather information about its size, construction, features and surroundings.
It considers the estimated rebuilding cost and, where relevant, allowances for demolition, debris removal and professional fees. The precise scope and assumptions will be set out in your report.
No. Its purpose is to estimate rebuilding costs for insurance. It is not a condition survey and does not replace a Home Survey.
RICS advises regular review, with an annual adjustment for inflation and a major reassessment every three years, or sooner if the property has been significantly altered.
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