SHAW & COMPANY

CHARTERED SURVEYORS

Reinstatement Cost Assessments

What are They?

  • These are detailed assessments which provide a reinstatement cost (Declared Value). These can be shared with your insurers to maintain adequate buildings insurance cover for your property.
  • They are undertaken by qualified and experienced members of our team with appropriate knowledge of the type of building and area in which it is located.

 

What`s in your report?

  • A description of the property including age style layout and accommodation along with any garages, other outbuildings and structures in the gardens or grounds.
  • Measurements for the buildings are typically on a gross external floor area basis to meet RICS and industry protocols.
  • Rebuilding cost figures based on industry approved and monitored reinstatement rates are adapted where required to reflect our surveyors experience and local knowledge including regional factors.
  • Figures are adjusted to reflect individual characteristics of your property to include age, design and layout, construction, build quality, ceiling heights and services such as lifts.
  • The Declared Value will be an assessment as at the date of the report of the cost to replace your property on a like for like basis but to comply with building regulation standards applicable at the time.
  • Reinstatement figures are provided to include options for both VAT on all costs or fees and demolition only.

 

need more info on our services?

Please let us know the services you wish to enquire about, and we will get back to you.

Alternatively, please download our service brochure.

Why and when to have one?

  • Building insurance protects all stakeholders should an event occur, which damages the fabric of the building. It is important to have the correct level of cover as this can dramatically affect the level of settlement which an insurer pays in the event of a claim.
  • If your property is over-insured this will inflate the premiums payable.
  • If a property is under-insured there will be insufficient funds to reinstate your property. If your insurer invokes an averaging clause, your policy will only pay out a proportion of the claim for both total losses and where your property is partially damaged.
  • You should have the replacement cost of your property assessed regularly particularly if it has been altered or improved. Most insurers will increase cover each year by reference industry standard rebuilding cost indices but these may not keep up with costs applicable to your property. Shaw & Co recommend reappraisals every three years.

 

What Does it cost?

  • We offer competitive fee quotes based on a full onsite inspection benchmarked to market rates.
  • If we have inspected your property before, have all the correct data and there have been no major alterations since our last inspection we can offer discounted fees based on a desktop re-appraisal.

 

What happens next?

  • Once Shaw and Company are instructed, access is arranged and the property is inspected. This consists of a measured survey to establish the floor area. Our surveyor will also record details of the buildings age, construction, layout, services, estate grounds, outbuildings and amenities.
  • Back at the office our surveyor will calculate the reinstatement cost of the building using the on-site recorded data and by applying adjusted costs indices taken from the Building Cost Information Service (BCIS).
  • A written report is then prepared and issued. For convenience our reports are submitted in electronic format unless otherwise requested.


For a no obligation quote or more information please contact [email protected] or Telephone 020 8948 1122

 

For a no obligation quote or more information please contact

Find out more on Insurance Reinstatement Cost Assessment. Our latest explainer document sheds light on what this is, how it is prepared and its importance.