Property Rebuild Cost Assessment Services
A reinstatement cost assessment is a complex process that requires specialist experience and it is best performed by a qualified building surveyor. Trevor Kelly is a Chartered Building Surveyor with over 20 years of experience in the insurance and building surveying industries.
If you would like him to help you determine the reinstatement cost of your property, contact him by clicking on the button below.
RebuildValuation.ie provides specialist reinstatement cost assessment services to insurance brokers.
To mitigate the risk of underinsurance and to avoid the potential application of the Average Clause, our surveyors perform meticulous on-site inspections of your commercial property, examining its structure, features, and unique characteristics. By assessing the quality of construction, inspecting the construction materials, building size, layout and fittings, as well as taking note of any specialised elements, we ensure that our reinstatement cost assessment accurately captures the specific attributes of your property.
Our property surveyors stay up to date with current construction costs and market conditions. Through extensive market research, we gather relevant data on material costs, labour rates, and other factors impacting rebuild costs. This allows us to deliver accurate valuations that reflect the current economic landscape.
We provide comprehensive and customised reports that outline the detailed findings of our reinstatement cost assessment. These reports are presented in a clear and concise manner, making it easier for you to understand the assessment and communicate it to insurance providers, lenders, and other stakeholders.
Our Property Rebuild Cost Assessment Process
Unlike market valuation, Rebuild Cost Assessment is not based on the perceived value of the property, but on the estimated total cost of reinstatement, not just to the pre-loss condition, but, where applicable, to current statutory requirements. It therefore requires specialist knowledge of the applicable Irish Building Regulations, regional labour costs and other factors affecting the rebuild cost.
Our Property Reinstatement Cost Assessment process consists of three key steps:
- Data collection
- Analysis
- Reporting
Data Collection
The first step is to collect data about the property. This data will include information such as the size of the property, the type of construction materials used, the age of the property, the location, the level of risk associated with the property, and the cost of materials and labour in the local area.
We don’t just rely on public records and databases to collect this data. In our 20+ years of building surveying and managing all types of property insurance claims, we have gathered invaluable insights and contacts that allow us to assess the construction costs in all locations in Ireland accurately.
As part of our bespoke service, we conduct an on-site measured survey and compilation of a detailed RICS report recommending the reinstatement costs and, separately, the assessed maximum probable loss (MPL), along with commentary on rebuilding duration for consequential losses (loss of rent, business interruption (BI) and increased cost of working (ICOW))
We may also use our proprietary 3D Property Scanning Technology to create a digital twin of the property as a detailed photographic and digital record of the unique features and the property’s condition at the time of assessment.
Analysis
Once the data and the evidence have been collected, the next step is to analyse it to determine the reinstatement costs. This analysis may involve various factors, including the cost of materials and labour, the cost of statutory charges and professional fees, and the cost of any required upgrades to bring the property to the current building standards.
Reporting
Once the property has been inspected, assessed and measured, you will receive a report which will, most importantly, show the reinstatement cost. The report will also include the date and a description of the property.
