Reinstatement Cost Assessments
Any building can suffer damage or loss at some time during its life – adequate and appropriate insurance minimises the cost and disruption. The cost of rebuilding or reinstating a property that has suffered damage has to be accurately forecasted. Expert knowledge of construction costs, economic trends and building taxes enables the Building Surveyor to provide an assessment that is necessary to identify the correct level of insurance and to avoid costly over estimating, which results in higher premiums.
The reinstatement cost should be calculated before entering into any buildings insurance policy, however many forget to have this value reviewed. In terms of property value this fluctuates over time due to market forces as well as the refurbishment of and/or extension to a property. Therefore, it is recommended that the rebuild value is reviewed and calculated on a three yearly basis, or following significant alteration, so as to ensure that the correct value is being utilised to calculate the relevant buildings insurance premium.
We at Jones Melling Limited utilise our specialist detailed cost data systems and provide a full service for building reinstatement assessments on all types of property through the various sectors, from Residential through to Commercial and Industrial properties, complexes or estates.