What is a Reinstatement Cost Assessment?
Almost all buildings need to be insured. Commercial buildings require a reinstatement cost assessment to be undertaken at regular intervals, to identify what the property should be insured for. If the insured amount is too high, then the insurance premiums are unnecessarily too high. If the insured amount is too low, then the property could be under insured which will be a major problem if the worst happens.
Tenants should also consider a review of their properties, where the landlord insures the building to make sure the insurance premium is at the correct level.
Why it’s important to use a Chartered Building Surveyor
Applying rule of thumb £/sqft is insufficient and it is the job of the assessor to identify specific items which can affect the reinstatement cost of a building. Some buildings may be more basic than others, and some buildings could have very expensive or highly ornate elements which will attract a much higher reinstatement cost.
It is also important to update the assessment regularly to reflect changing construction costs to ensure the property is sufficiently insured.
Why use DW Building Consultancy?
I have done a lot of these and I use trusted and scientific data, together with a comprehensive inspection to calculate the appropriate reinstatement cost for a property.