A reinstatement cost assessment (often referred to as a fire insurance valuation) provides a rebuild cost of a property in the event of its destruction. A visual appraisal of the building is typically required to report on the size, construction type and installations.

We advise our clients to instruct a reinstatement cost assessment every 3 years or whenever significant changes or substantial investment has been made to the property. From an asset management perspective, it is crucial to know that should there be a major incident, adequate funds are available to rebuild to the same standard and specification.

We have assisted several building owners deal with the consequences of their properties having been under-insured resulting in significant financial losses. Most commonly, owners / occupiers fail to adhere to the advice given at the time of their property purchase. Most insurers want to see that a Reinstatement Cost Assessment has been carried out by a qualified professional.

Why instruct Compass to assist?

• Our accurate, professional approach to RCAs enables our clients to pay the right price for their insurance premium – potentially saving them significant sums.
• Tenants are often required to contribute to the cost of insurance premiums by the terms of their lease. A reinstatement cost assessment provides justification and certainty that the insurance levels are appropriate.
• You can be safe in the knowledge that your property assets are covered to the required level. We use the latest BCIS (Building Cost Information Service) information to ensure our reporting is accurate and up to date.