Building Reinstatement Cost Assessment

A Building Reinstatement Cost Assessment (BRCA) is the calculation of the total sum in which a property is insured, otherwise known as the declared value (DV). 

It is essential that all property owners, occupiers, and managers allow for undertaking a BRCA within their budgeting forecasts, to ensure that in the event of a total loss to an insured peril, they are protected from future financial risk. 

A BRCA also forms the basis in which insurance premiums are set or adjusted. If the reinstatement cost has been calculated too high, then your insurance premium will reflect this and also be unnecessarily high. Similarly, if the cost has been calculated too low, then the property owner/s may have to make up the difference between the sum insured vs the true cost of rebuilding.

Regalia have the capacity to provide this service for both commercial and residential clients, from single houses to residential blocks and office buildings to warehouses. The Royal Institute of Chartered Surveyors (RICS) recommend that a full review is undertaken at least every three years. 

Once Regalia conduct their site inspection and assessment of the property, we then apply data from the RICS published Building Cost Information Service in which construction cost indices are updated annually.