Reinstatement Cost Assessments
We provide Reinstatement Cost Assessments (RCAs) for the insurance of commercial and residential properties across the country.
It is important that buildings' insurances are based on RCAs (previously Fire Insurance Valuations) rather than Market Value:
- RCAs assess how much it would cost to re-build in the event of a total or partial loss, through fire, for example.
- Market Values are based on the prevailing property values at any particular time, reflecting levels of demand and supply for a particular type of property.
Should the need to claim arise, an incorrect or out of date RCA may lead an insurer to deem that a building has been ‘underinsured’, resulting in a lower claim settlement and insufficient funds for the necessary re-building work. In the event of a partial loss, an insurer may apply an ‘averages’ clause, meaning that only a proportion of a claim is paid, in line with the degree to which the property has been underinsured.Please contact us for further information and to obtain a quote for RCA work.
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To understand how we can support your corporate property needs please give us a call on: 0844 335 6144