Property reinstatement cost assessment for insurance purposes
Building owners should have regular assessments of the cost of rebuilding their properties, whether these are part of a commercial property portfolio, single premises or residential dwellings, to ensure they are adequately insured in the event of a fire or other specific peril.
Cluttons’ project and building consultancy team is able to assist owners with the preparation of reinstatement cost assessments and provide a recommendation of the level of cover appropriate for insurance purposes.
It is important the estimate of the reinstatement cost is accurate. Too low a value may result in the property owner not being adequately covered for buildings insurance and in the event of a claim it being refused or it being scaled down (averaging). Too high a value may result in the paying of a higher premium for buildings’ insurance cover.
We can provide the following services to suit a client’s specific requirements on all types of premises, both modern and historic construction including commercial, industrial and residential uses:
- initial full assessment of the property
- reassessment (recommended every three years)
- desktop update of previous assessments to adjust for inflation
- informal estimate of reinstatement for guidance only