What is a Rebuild Assessment?

The sum insured under a buildings insurance policy must be the full rebuilding cost of the property – this is the amount of money for which your property is covered.

It is assessed via a BCIS assessment:- this process includes a building inspection, including a measured survey and thereafter undertaking detailed calculations to arrive at an accurate figure the property would cost to fully re-build i.e. in the event of a fire.


Why get your Building Assessed?

In the event of a claim, the amount paid out by Insurance Companies will usually depend on the building being adequately insured at the time of the incident. So it is extremely important to get, and maintain, adequate cover; and yet, there are still property owners who hazard a guess, or confuse reinstatement valuation with market value.  The market value of your property has no direct relationship to the rebuilding cost of your building.

Rebuilding cost assessments are often ignored and seen as an unnecessary expense. We are still finding properties significantly under insured by as much as 50% in some cases. Therefore a claim on a building that is under insured by 50% would result in a reduction in the claim by 50%. This can have significant repercussions for the Owners in the event of a major loss.

Any type of works/alterations could also affect the rebuild cost.

It is therefore important that Owners undertake rebuilding cost assessments on a regular basis to prevent issues with under insurance.


Why Instruct PA Surveyors?

We are able to offer rebuilding cost assessments based upon BCIS build costs subject to variation as appropriate derived from our own build cost experience. PA Surveyors will ensure the value provided is accurate and suitable to place as your Insured figure – whether for a commercial or residential building.

Our RICS Chartered Surveyors operate throughout East & West Sussex; to include Brighton, Hove, Portslade & Shoreham, as well as Crawley, Haywards Heath, Eastbourne and beyond. Our Award Winning Surveyors are here to help!

Please contact us to obtain further free advice and a no obligation quotation.