It is essential for commercial property owners to arrange regular assessment of their building(s) to ensure that they are appropriately insured in the event of an insured event to allow for the cost of rebuilding the destroyed property (or section thereof) to the condition when new.
Over-estimating the reinstatement cost will result in excessive premiums being paid, whilst under-estimating the reinstatement cost will mean that insufficient funds are available to reinstate the property in the event of total loss.
The reinstatement cost calculation should take into account the building’s age, size, located and associated services/utilities. It is also vital to ensure that provision is included for demolition and clearance of the existing building(s)
Our Building Surveyors have many years experience in assessing all kinds of properties, from small individual units through to large portfolios on behalf of clients in the public and private sectors.