EK RCA offers timely, cost-effective and above all expert help with Reinstatement Cost Assessments for the residential and commercial property sectors.
Our director James Paul is a chartered building surveyor with a proven track record in insurance and RCAs. He and his team have developed tried and tested procedures to give clients accurate and reliable reports in a digestible format, so that the new declared value can be straightforwardly communicated to clients and insurers.
The EK RCA service combines the benefits of specialisation in this core service with the wider experience that comes from a long-established building surveying practice. This means clients can enjoy peace of mind, secure in the knowledge that their properties are accurately and reliably insured thanks to our expert oversight.
For individual building RCAs or for discounted rates for portfolio-wide instructions, please get in touch.
Director - EK RCA
An RCA provides essential information for property owners, occupiers and managers, as it will determine the amount for which a property is insured (declared value, or DV). If the figure is too high, the insurance premiums will too be unnecessarily high. If too low, the property owner may have to make up the difference between the amount insured for and the actual cost of rebuilding, should a total loss result. In fact, insurers can reject claims altogether if the DV falls severely short of the actual cost of reinstatement in the event of a claim.
An accurate reinstatement cost assessment is also important for insurance claims for repairs. Most insurance policies specify that in the case of undervaluation by more than 10%, the insurer will not cover the full cost of any repairs. The Association of British Insurers advise that 20% of householders are under-insured and one study has put the figure at as high as 80%.
At EK RCA we work with all types of buildings, from single houses to residential blocks and commercial properties. This means we bring a range of building surveying expertise to bear, rather than looking at RCAs in isolation. Every building is unique, so a good RCA will take into account the peculiarities of the property in question. We base our assessments on careful analysis of each element, rather than using simplistic, indicative tables, which can often result in misleading assessments.
There is a particular danger of under-valuation with period buildings and conversions, and challenges generally. These are both practical — e.g. older buildings tend to be built from distinctive materials, and the extra cost must be factored in — and legal, as if a building is Listed, the terms of restoration will have to be discussed with the local planning authority. A good RCA will take all of these factors and more into account, and provides a property owner with genuine peace of mind. We have extensive experience of working with Listed Buildings and those in conservation areas.
We recommend RCAs are reviewed regularly to ensure they are still accurate, taking into account the changing costs of materials and other developments in the building trade. Best practice (the RICS) recommends that a full review is undertaken at least every three years. Talk to us about frequencies, and desktop assessments too.
At EK RCA we provide for a variety of building types, and specialise in residential blocks. Because we also provide a full range of related design and technical building surveying services, my surveying colleagues around the country are well placed to manage reinstatement works in the event these are required. This includes assessing damage, liaising with the loss adjuster, other claims administrators, the insurers and contractors, specifying the works required and project managing the reinstatement itself.
When appointed on behalf of insurers to assess the damage and coordinate the repairs in a building for which we undertook the RCA itself, we are clearly at an advantage. At each stage we benefit from our previous knowledge of the building and are able, efficiently, to implement the actual repairs and see them through to completion. Please see our Insurance Works services for more details.