Opteon’s team of assessors provide Insurance Replacement Cost Assessments for all property types including building developments
Opteon’s expert assessors can provide an Insurance Replacement Cost Assessment. This building valuation for insurance purposes is sometimes referred to as a Replacement Cost Assessment or an Insurance Valuation. Whether it is for a residential or commercial property, an Insurance Replacement Assessment is required to determine what the replacement cost will be if there is a total loss to your building/improvements.
It is important that you have the correct level of insurance cover to replace your buildings to its existing state when new. An Insurance Replacement Cost Assessment report produced by an Opteon Quantity Surveyor will provide you with the required amount to adequately cover the replacement and reinstatement cost.
What is an Insurance Replacement Cost Assessment?
An insurance Replacement Cost Assessment is an estimate of the actual cost to rebuild the building at the time of the valuation, assuming a total loss situation and a reinstatement with a new building/buildings of similar size and materials.
Our Insurance Replacement Cost Assessment would typically include the estimated current construction cost, provision for cost escalation during the insured period and rebuilding process, allowances for demolition and clean up, professional fees and other costs depending on the type of property.
The correct amount of insurance cover is considered crucial in the event of a claim; it also ensures you are paying the appropriate premium for your property with your insurance company.