If a disaster were to happen to your property, would your insurer pay out enough to rebuild? On the other hand, are you overpaying for insurance calculated on an incorrect property value?
Insurance Reinstatement Cost Assessments, carried out by a professional, are extremely important to make sure your property is correctly covered. Whatever type of property is involved, it pays to get the figures right.
What is an Insurance RCA?
An RCA is an Insurance Reinstatement Cost Assessment (sometimes referred to as an Insurance Reinstatement Valuation or ‘IRV’). It stipulates the amount of money it would cost to rebuild a property to its current condition.
It is worth nothing that the RCA of a property is not the same as its Market Value and the figures are not linked. Market Value is how much a property would sell for on the open market, while the RCA figure is the cost to rebuild. Often, where the property market is strong, the RCA figure will be lower than Market Value and the opposite can be true, too.
Do I need an RCA?
When you insure a property, your insurer will ask for an RCA. Getting the figure correct means you will:
- Not mislead your insurer i.e. not give them cause to void your contract.
- Not overpay unnecessarily on insurance.
- Have the correct amount of insurance money to rebuild in case the property is destroyed.
An Insurance Reinstatement Cost Assessment, prepared by a professional, is the best way to ensure you supply an accurate figure to your insurer.
An experienced insurance reinstatement valuer is perfectly placed to assess a property and deliver a detailed, accurate report. Getting the figures right is essential for insurance purposes, and asking a professional is the only way to ensure all bases are covered.
How are insurance RCA assessments made?
- An insurance reinstatement valuer will thoroughly inspect the property.
- They will use expert knowledge of form of construction and use cost consultancy to calculate the complete rebuild cost, ensuring the specific features of the property are reflected.
- They will compile a detailed report including their assessment of reinstatement cost advice, which will also incorporate associated cost considerations relevant to the reinstatement process.
- The client can use this information to confidently insure their property.
- In line with industry recommendations, we can undertake an annual review of the RCA to ensure an adequate level of cover in maintained.
RCA assessments Southampton
The Trinity Rose team of Chartered Surveyors are experienced in RCAs and are regularly asked to help clients in the Southampton area. Whether you own a modern, commercial property or period home, we are here to help.
We recently carried out an RCA assessment for a client and their listed home in Hampshire. Read the case study here to find out how we supported them and carried out a thorough assessment for insurance purposes.
RCA assessments Winchester
There are some stunning properties in Winchester and we have become the surveyors of choice for numerous clients in the area. If you are seeking an insurance RCA in Winchester, please get in touch to find out how we can help.
Get in touch
At Trinity Rose we have a team of experienced, professional insurance reinstatement assessors ready to help. If you are interested in an assessment for a commercial property, please find out more here. Alternatively, please do not hesitate to get in touch and we will be happy to answer all your questions or arrange a meeting.