Brokers Ireland Affinity Partner
Property Rebuild 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 both the insurance and building surveying industry.
If you would like him to help you with determining the reinstatement cost of your property, contact him by clicking on the button below.
Rebuild Valuations provide specialised Property Rebuild Cost Assessment service to Insurance Brokers. To mitigate the risk of underinsurance and to avoid the danger 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 specialized elements, we ensure that our rebuild cost valuation accurately captures the specific attributes of your property.
Our property surveyors stay up-to-date with the latest market trends and construction industry developments. Through extensive market research, we gather relevant data on material costs, labor rates, and other factors impacting rebuild costs. This allows us to deliver accurate valuations that reflect the current economic landscape.
We provide comprehensive and customized reports that outline the detailed findings of our rebuild cost valuation. 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
Unlike Market Valuation, Rebuild Cost Assessment is not based on the perceived value of the property, but on the hard costs of rebuilding the property, not just to the pre-loss condition, but to the current building regulations and standards. It therefore requires specialist knowledge of the local building code, regional labour costs and other factors affecting the rebuild cost.
Our Property Reinstatement Cost Assessment process consists of three key steps:
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 onsite measured survey and compilation of a detailed RICS report recommendation of the reinstatement values and MPLs, along with commentary on rebuilding duration for consequential losses (loss of rent/BI/ICOW)
We may also use our proprietary 3D Property Scanning Technology to create a digital twin of the property as indisputable proof of the unique features and the property’s condition at the time of valuation.
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 permits and other fees, and the cost of any required upgrades to bring the property to the current building standards.
Once the property or premises has been visited, assessed, and measured, you will receive a report which will, most importantly, show the reinstatment cost. The report will also include the date and a description of the property.
Understanding the Importance of Property Reinstatement Cost Assessment Property owners often underestimate the importance of accurately estimating the rebuild cost of their properties. Reinstatment estimation
According to SCSI – Ireland’s leading body for property, land and construction professionals, the national annual rate of construction price inflation is now running at 14% .Lockdowns due to Covid, supply chain shocks and the war in Ukraine have seen tender price inflation rise by 22% over the past 18 months.
After a thorough Reinstatement Cost Assessment, to ensure that your rebuild value remains correct and up to date, we recommend following the RICS best practice guidelines which state that a desk-based Rebuild Cost Review should be completed 2 to 3 years after the full Reinstatement Cost Assessment.