building survey

Building Reinstatement Cost Assessments are a vital part of managing commercial property in London. It is a thorough building survey, undertaken by a Chartered Surveyor, that establishes the cost of replacing or rebuilding your property in the event of a catastrophic loss. The results provide a figure insurers can use to provide appropriate levels of cover.

To create a Reinstatement Cost Assessment, a suitably qualified and experienced commercial surveyor uses a detailed assessment of the building and their knowledge of the construction sector to provide an accurate hypothetical cost. It assumes the worst and puts a price on recreating your building from scratch. Fresson & Tee’s team of Chartered Building Surveyors is ideally placed to provide them for London properties of all types, shapes and sizes.

Call our office on 020 7391 7100 or email us at surveyor@fandt.com

What does a Building Reinstatement Cost Assessment (RCA) include?

An RCA does not simply include the “bricks and mortar” costs of replacing your building. In line with the Royal Institution of Chartered Surveyors (RICS) surveyor’s guidelines, they provide a total including all related indirect costs of rebuilding. This includes demolition and site clearance, professional fees, authority fees and taxes for example. Typically called the Declared Value (DV), this is the outcome insurers use to calculate their risks, costs and quotations. They will typically add a contingency figure to account for inflation to the Declared Value to calculate their final Insured Values. It is very important all information from an RCA is presented fairly and accurately from a trusted source.

The Royal Institution of Chartered Surveyors (RICS) surveyor’s guidelines, updated in 2018, recommend an RCA undergoes a major review every three years. This ensures any significant improvements or other potentially inflationary effects can be noted. Industry best practice has interpreted this as, in effect, undertaking an RCA every three years with, potentially, desk reviews in between.

You may wish to refer to your chosen insurer to understand their RCA requirements in full before deciding on how to proceed.

Why Do I Need A Reinstatement Cost Assessment from A Chartered Surveyor?

A Chartered Surveyor has the qualifications required to provide an accurate assessment. A poorly executed RCA will lead to under-insurance or over-insurance. Over insurance means that the building’s Declared Value is too high and insurance costs will be unnecessarily high too. If the building’s Declared Value is too low, known as under insurance, the insurer may not pay out the required money in the case of a claim. The policyholder is liable to pay any shortfall. This could prove a hugely costly mistake.

To have confidence in any assessment, it is important to work with suitably qualified and experienced surveyors who can provide valuations in line with Royal Institution of Chartered Surveyors (RICS) guidelines. As members of the Royal Institution of Chartered Surveyors (RICS), you can be sure Fresson & Tee knows and follows these in all our work.

A Chartered Surveyor has the qualifications required to provide an accurate assessment. A poorly executed RCA will lead to under-insurance or over-insurance. Over insurance means that the building’s Declared Value is too high and insurance costs will be unnecessarily high too. If the building’s Declared Value is too low, known as under insurance, the insurer may not pay out the required money in the case of a claim. The policyholder is liable to pay any shortfall. This could prove a hugely costly mistake.

 To have confidence in any assessment, it is important to work with suitably qualified and experienced surveyors who can provide valuations in line with Royal Institution of Chartered Surveyors (RICS) guidelines.  As members of the Royal Institution of Chartered Surveyors (RICS), you can be sure Fresson & Tee knows and follows these in all our work.

Ask us for a London Reinstatement Cost Assessment (RCA) Quote

rics surveyorsFresson and Tee’s knowledge of London developments provides a significant benefit to clients in the capital. We bring a sound understanding of construction and the property development process. This enables us to accurately assess the total costs and associated considerations for reconstructing commercial and domestic buildings. Our assessments are always comprehensive.

Our building reinstatement cost assessment services include;

  • Undertaking site inspections
    • An RICS Chartered Surveyor will visit your property to undertake a building survey
  • Reviewing existing drawings
    • Chartered Building Surveyors will also undertake desk research of plans, drawings and other related paperwork. 
  • Undertaking a measured survey to ascertain the gross internal floor areas
    • The team will also check and value your property’s dimensions 
  • Calculating the day one building reinstatement value using current cost information
    • Using the above, Fresson & Tee will provide a Declared Value you can share with insurers. 
  • Preparing a clear written report in line with insurance industry guidance.
    • We will provide this with written evidence in a clear, transparent and easy-to-read report that complies with  RICS guidelines.

Most UK insurers demand professional, accurate and compliant Reinstatement Cost Assessment Fresson and Tee’s results are trusted by insurers nationwide for their accuracy and reliability.

Our experienced valuation surveyors and other team members work diligently and meticulously throughout any assessment process. Our goal is always to present a high-quality RICS building survey that our clients can count on for accurate assessment.

Our assessments lead to an insurance reinstatement value you and your insurers can have total confidence in. This will ensure you pay the right price, and no more, to protect your investment in any property

If you would like to discuss rebuild cost assessments further, please call our office on 020 7391 7100 or email us at surveyor@fandt.com

Frequently Asked Questions

How long does a reinstatement cost assessment take?

The answer will depend on the size, age and condition of your building. As a general rule, a building reinstatement cost assessment may take up to six days to complete. Ask us, and we can let you know about likely durations and schedules for any work.

What does an RCA surveyor cost?

Costs will depend on a range of factors including the location, size and age of your building. We would need to talk to you about your needs before providing a quotation but ask us. We are always delighted to help.

Why is my reinstatement cost lower than the market value?

Reinstatement value is derived from the costs associated with rebuilding a property after a catastrophic loss. This rarely equates directly to the sale value. Buying your property could cost more than building it again from scratch for many reasons around location, history and market forces.

How often should an RCA be done?

RICS guidelines suggest a major review every three years as a minimum. In effect, a major review refers to a completely new assessment. If you are worried about insurance costs, an annual desk review is sometimes recommended too.


If you would like to discuss further, please call our office on 020 7391 7100 or email us at surveyor@fandt.com

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