Reinstatement Cost Assessments (RCA) for Insurance Valuation
Accurate reinstatement cost assessments for insurance policy valuation; we provide detailed evaluations to ensure your property is adequately insured, offering peace of mind and financial protection.
Our reports are transparent and outline the various elements of reinstatement calculation, providing great value to Clients and Agents to liaise with Brokers and consider suitable coverage.
Reinstatement Cost Assessments (RCA) are essential for ensuring that insurance policies accurately reflect the cost to rebuild a property in the event of a total loss. This service is especially vital for managed estates and blocks of flats but is also applicable to any building valued over £500,000. By using the BCIS Rebuild and Reinstatement Cost Indices, we establish accurate costs on a day-one basis, ensuring comprehensive coverage and financial protection.
Key Benefits of Engaging AuthentiSurv
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Accurate Valuations
Our assessments provide precise valuations, ensuring your insurance policy covers the full cost of rebuilding.
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Use of Industry Standards
We utilise BCIS Rebuild and Reinstatement Cost Indices, trusted by professionals and insurers, to deliver reliable and accurate cost estimates.
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Avoid Underinsurance
Our thorough assessments help prevent underinsurance, protecting you from significant financial risks.
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Professional Expertise
Our team of experienced surveyors brings extensive knowledge to the valuation process, ensuring comprehensive assessments.​
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Peace of Mind
With our professional RCA services, you can be confident that your property is properly insured, mitigating the risks of both underinsurance and overinsurance.
Typical Service Elements:
Initial Consultation
We begin with a consultation to understand the specific details and requirements of your property.
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​Detailed Property Inspection
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Our surveyors conduct a comprehensive inspection to gather all necessary information about the property.
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​Data Collection and Analysis
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We collect and analyse data on the property’s construction, size, features, and location to determine accurate reinstatement costs.​
Cost Estimation using BCIS Indices
We use BCIS Rebuild and Reinstatement Cost Indices to estimate the cost to rebuild the property, ensuring all elements are considered.
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Comprehensive Reporting
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We provide a detailed report outlining the reinstatement costs and any relevant considerations, formatted for easy submission to insurers.
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Regular Reviews
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We offer and recommend regular reviews of your RCA to ensure the valuation remains current and accurate over time.
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It is recommended that annual reviews are made to the valuation calculation, allowing for general inflation and market impacts. This is to ensure that the policy sufficiently covers the ever changing risk of cost fluctuation.
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A formal review and recalculation is recommended every 3-5 years depending on circumstances.
WHY US ?
Choosing AuthentiSurv for your Reinstatement Cost Assessments ensures you receive accurate and reliable valuations that protect you from the risks of under-insurance and over-insurance. Our team of experienced surveyors conducts thorough inspections and uses the trusted BCIS Rebuild and Reinstatement Cost Indices to provide precise cost estimates. This meticulous approach ensures that your insurance policy reflects the true cost of rebuilding your property, giving you peace of mind.
Our comprehensive reports are designed to be easily understood and used by insurers, simplifying the insurance process. We also offer regular reviews of your RCA, ensuring that your valuations remain up-to-date and accurate as property values and construction costs change over time.
At AuthentiSurv, we pride ourselves on our professional expertise and commitment to client satisfaction. Our team’s extensive experience and knowledge in property valuations ensure that we deliver high-quality, reliable assessments tailored to your specific needs. By choosing AuthentiSurv, you are ensuring that your property is properly insured, safeguarding your financial interests and providing long-term security.
The Industry Challenge of Underinsurance
Underinsurance has become a significant issue within the property sector, with recent studies revealing that a large proportion of buildings are undervalued for insurance purposes. On average, properties are found to be underinsured by as much as 20-30%. This discrepancy can lead to severe financial consequences for property owners and managers in the event of a total loss.
AuthentiSurv have witnesses first hand the devastation to occupants and property owners where insurance coverage has been insufficient to address the damages. Where coverage values and policies have been insufficiently or inaccurately calculated and resulted in huge discrepancies, with many claims being settled with cash sums far short of the costs to reinstate properties back to habitable conditions. This absolutely highlights the risks of obtaining cheap or free valuation services.
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Several factors contribute to this widespread underinsurance problem. Firstly, many property valuations are based on outdated figures, failing to account for current construction costs, which have been rising steadily due to inflation and supply chain disruptions. Additionally, the complexity of accurately estimating rebuild costs is often underestimated, leading to oversights and incorrect valuations. Quick desktop reviews annually applying an average inflationary figure to the policy as a whole is just not an appropriate way of adjusting for renewals.
Another contributing factor is the use of basic estimation tools and methods that do not reflect the specific details and nuances of individual properties. Many property owners also tend to rely on initial purchase prices or outdated valuations without regular reassessment, compounding the risk over time. Be warned, in various circumstances, the cost of rebuild exceeds the market value of the home.
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This underinsurance problem underscores the importance of regular and thorough Reinstatement Cost Assessments (RCA). By engaging professional building surveyors who follow RICS guidance and utilise industry-standard tools such as the BCIS Rebuild and Reinstatement Cost Indices, property owners can ensure that their insurance coverage accurately reflects the true cost of rebuilding, providing much-needed financial protection and peace of mind.