Our approach
Site survey and inspection of the property
Compilation of details and photographic records
Estimation assessment using expertise and comparison with costs database
Surveys undertaken by Chartered Building Surveyors and valuations undertaken by Chartered Quantity Surveyors
Tailored approach to suit the complexity of the properties under valuation
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Why undertake a Reinstatement Cost Assessment?
Property insurance provides peace of mind that important assets are adequately covered in the event of loss or damage. A Building Reinstatement Cost Assessments (RCA) removes the burden of proof from the insured, who can now quickly satisfy ‘proof of loss’ requirements. An accurate assessment of the cost of reinstating the insured building can save the costs of unnecessarily high premium rates or risk of under insurance.
A Reinstatement Cost Assessment (RCA) calculates the total cost to rebuild a property should it be completely destroyed or severely damaged. This assessment is crucial for obtaining an accurate property reinstatement cost ensuring your insurance coverage matches the actual reinstatement cost of your property.
Without an accurate RCA, you risk being underinsured, leaving you inadequately covered in case of a claim (or overinsured, resulting in paying higher premiums unnecessarily). With an RCA, we can help you get the essential foundation for securing appropriate insurance coverage, directly influencing the compensation received in the event of a claim.
Benefits of our RCA assessments are
- Protects the insured against risk of under insurance or any knock-on effect of being under insured
- Eliminates over insurance, and higher premiums
- Provides an independent assessment of the property and detailed supporting information
- Removes the burden of proof from the insured and also puts them in a strong position when discussing with third parties (Leasehold tenants etc.)
- Eliminates any conflict of interest – we are fully independent
- Verifies exactly what is being insured
- Provides a benchmark
- Our reliable assessment can be used for other purposes as well
No RCA is too big or small. Our approach to the assessment of the reinstatement cost of the building, or portfolio of buildings, varies according to the size, complexity and number of buildings to be assessed. As every building is different, we don’t do a one-size-fits-all approach but by adopting consistent methods for taking instructions, inspecting properties, collating information and calculating and submitting assessments we are able to carry out the assessment with speed, accuracy, efficiency and economy.
Talk to the reinstatement cost assessments team
Watts has a proven track record working across a wide range of building types, including commercial, industrial, retail, residential, public, and historic buildings, tailoring advice to meet the specific needs of each client and their insurers.
Alex Picton-Hayes
Lead Director
07711 537 190 alex.picton-hayes@watts.co.ukFrequently asked questions about Reinstatement Cost Assessments
What are the reinstatement costs for insurance purposes?
This would be the amount it would cost to completely rebuild the property from scratch if it has been completely destroyed (such as through a fire or severe flooding). The reinstatement costs would be measured on a case-by-case basis, as the location, as well as the type of property it is, are just some of the many factors that will affect the overall cost.
What size portfolio can we instruct you on?
Watts’ national network of chartered surveyors has a proven track record in Reinstatement Cost Assessment instructions. We can handle anything from a single property to UK-wide portfolios of 50+ units. With highly experienced staff located across the UK, we are well-equipped to meet tight reporting deadlines and deliver exceptional service
Our Projects
DF Concerts & Events
Scotland
Our specialist teams have built an enviable track record at every scale, in all sectors, bringing shared knowledge, understanding, expertise and best practice.
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The Lakes
Ingatestone, Essex
Provided contractual and cost advice to the Bank concerning their loan for the development 9nr executive homes. 8 new build, 1 grade II listed farmhouse. Forms of modern methods of construction used include timber frame and prefabricated concrete basements with swimming pools.
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