Reinstatement Cost Assessment
A Reinstatement Cost Assessment (RCA) for property in Jersey, sometimes called a building insurance valuation, estimates the cost of completely rebuilding a property following a total loss. BHP provides independent reinstatement cost assessments for residential and commercial buildings throughout Jersey.
Our costs are based on real world rates and up to date pricing.
Our costs are based on real world rates and up to date pricing.
What does a Reinstatement Cost Assessment provide?
The reinstatement cost is different from the property’s market value. It reflects the anticipated cost of reconstructing the building rather than the price for which it might be sold.
A Chartered Building Surveyor will inspect and measure the property before considering:
A Chartered Building Surveyor will inspect and measure the property before considering:
- The building’s size, construction, use and specification
- Demolition, debris removal and site-clearance costs
- Rebuilding in accordance with current statutory requirements
- External works, services, boundaries and outbuildings
- Professional consultants’ fees and statutory charges
- Jersey-specific labour, materials, access and logistical costs
Why is a reinstatement cost assessment important?
Rebuilding costs can change considerably because of construction inflation, alterations, regulatory requirements and increased labour or material costs. Insurance figures based on historic valuations, market values or general estimates may therefore be inaccurate.
Recent UK assessment data found that approximately 70% of properties were underinsured overall, rising to 78% for properties insured between £250,000 and £750,000. Although this research is not Jersey-specific, it demonstrates the potential scale of underinsurance. Read the underinsurance research.
Where a property is underinsured, an insurer may apply a condition of average and reduce a claim proportionately, potentially leaving the owner responsible for a significant shortfall.
Recent UK assessment data found that approximately 70% of properties were underinsured overall, rising to 78% for properties insured between £250,000 and £750,000. Although this research is not Jersey-specific, it demonstrates the potential scale of underinsurance. Read the underinsurance research.
Where a property is underinsured, an insurer may apply a condition of average and reduce a claim proportionately, potentially leaving the owner responsible for a significant shortfall.
Residential and commercial properties
We can assess houses, apartment buildings, offices, shops, warehouses, industrial premises and other specialist properties. Jersey’s traditional granite buildings, restricted sites and imported construction materials can require particularly careful consideration.
RICS guidance recommends an annual adjustment for inflation and a major review every three years, or earlier following significant alterations.
RICS guidance recommends an annual adjustment for inflation and a major review every three years, or earlier following significant alterations.
Why work with BHP?
- RICS Regulated Firm
- We have advised on over £365M of commercial and residential property
- Significant Jersey knowledge (as well as Guernsey, alderney and the channel islands as a whole)
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Combined team experience
- Inspections by MRICS Chartered Building Surveyors