The RCA is also known by its full title, Reinstatement Cost Assessment and is used for building insurance purposes.  It is often left at the same value as it was last year (or any previous year).  A landlord or owner occupier will require up to date assessments of building reinstatement and the RCA is fundamental to the level of the premium when it comes to the buildings insurance.  Being underinsured can be detrimental to a business going forward, in the adverse position of a claim being required under the insurance policy.  Equally, being overinsured means that a business owner or landlord is paying a too high insurance premium.

At FHP we are able to provide Reinstatement Cost Assessments for insurance purposes on a wide variety of commercial premises and the majority of residential premises, throughout not only the East Midlands, but nationally.  Accordingly, we are guided by the Royal Institution of Chartered Surveyors Guidance Note on the Reinstatement Cost Assessment of buildings (3^rd Edition) and attention is normally drawn to the need to have this reassessed on a regular basis either by way of a desktop update on an annual basis or for a full reassessment every 3 years.

If substantial alterations or additions are being undertaken to the property, this will also require the need for a new Reinstatement Cost Assessment, preventing underinsurance going forward.

Jon Marriott, RICS Registered Valuer at FHP Property Consultants, comments:

“It is imperative that landlords and owner occupiers have frequent Reinstatement Cost Assessments undertaken for the provisions of insurance, especially in order to mitigate any potential underinsurance or indeed prevent over insuring”.

I would be happy to discuss the matter further should you require assistance.

FHP Property Consultants undertake valuations for a range of purposes, including accounts; pension fund; taxation; insurance; loan security; probate and charity disposals.  Such formal valuations are conducted by RICS Registered Valuers.  If you are considering updating valuations of your property assets, then please do get in touch.

For further information please contact Jon Marriott on 07929 718875 or jon.marriott@fhp.co.uk

ENDS

Jon Marriott

15 March 2024

I originally joined FHP back in 2015 in the Derby office, and then rejoined in 2021.  My transfer back into private practice and the welcoming arms of FHP, means that I can do what I love the most, valuing properties around the Midlands, for a variety of clients.

The world has changed, but great property advice is still a fundamental part of the process for businesses and clients. Working back at FHP, has given me the opportunity to join a great team of people.

My previous experience within the public and private sectors, has seen me valuing property around the East Midlands since 2000.  Previously working for a major global property consultancy, I have dealt with a wide variety of commercial and residential properties, from small industrial units to large commercial development schemes, acting for the major lending institutions, private individuals, property owners and companies.  As a consequence I have built up an in depth knowledge of the market, which is backed up by the superb agency team at FHP.

Within the Professional Services Department, my day-to-day role involves dealing principally in Property Valuations and Investment Acquisition. I’m also trained as a Level 4 EPC Energy Professor to add to the range of services we’re able to provide our customers.

I’ve been part of the Nottingham Property Market for many years and am also now actively involved in the Newark Retail Market. As such I have many contacts and have advised clients in Investment Acquisition and in the Letting and Investment sale of Fat Face on Middlegate in 2010.

I qualified as a Level 4 Energy Performance Certificate (EPC) Surveyor in 2008 and now undertake a range of assessments on all types of commercial buildings, ranging from a bar/restaurant complex to large and small industrial units, and a retail parade. My current role also includes bank Valuation Work, Investment Sales and advising in Property Litigation.