The reinstatement cost assessment(RCA) calculates the cost of putting you back in the same position as you were, before an insured event (fire, subsidence, flood etc.) occurs. The RCA also includes the cost of any demolition and fees that might be needed before re-building can begin.
It is made on the assumption that the property is completely destroyed, or damaged to such a substantial degree that it will require demolishing and rebuilding in its entirety. The same assumption extends not only to the building in question, but also to the grounds of the building, including boundary features and services within the grounds, such as drainage.
The assessment report considers and applies re-building costs and formulae to the information collated on site. A building reinstatement cost assessment involves a site inspection, measured survey to establish a building’s net/gross areas and an assessment of construction, specialist features’ (such as architectural features, monuments, underground parking, water features, specialist plant or lifting equipment).
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