Commercial building rebuild cost

[voicey]

I'm up for insurance renewal soon and my broker has been in touch emphasising that the costs of everything have gone up and that I need to re-evaluate my cover. One of these is the rebuild or reinstatement cost of the building (which I own). I have no idea where the current cover value came from but I would like to get a proper number on this.

I know that BCIS provide a free tool for residential buildings - is there an equivalent commercial tool? If not I guess I'll need someone to provide a valuation. Anyone in this game in Kent?

Cheers...

[Castrol for a knave]

Taken from BCIS

Not bang up to date, but useful as a rough guide

https://costmodelling.com/regional-variations

[Johnniem]

OP, I don't know where your property is but please consider getting a professional (either Chartered Building Surveyor or Chartered Quantity Surveyor) to do this exercise. You need to able to rely on the figures provided to the insurers. When was the last full valuation of rebuild costs done? BCIS for commercial properties is a, relatively expensive, paid for, service and although the surveyor could use the data therein for an annual update, you really need a base date for the full valuation based on a formal inspection. Please don't skimp and think you can do it yourself as it may come back to bite if there was a catastrophe in any insured year.

Look on RICS.org website and the 'find a surveyor' tab. You could call a surveyor local to you and he may even know the property in question. If it is a very difficult site to rebuild (many possible issues with geology and topography, access etc) then all this will need to be taken into account. The fee may be a few thousand quid but it'll be worth every penny for comfort. Get the insurance valuation properly done every three to four years. Annual updates based on BCIS information is fine in between proper inspections/valuations.

Good luck!

Edited to say: I note now that you are in Kent. May I suggest you contact the Orpington branch of Calford Seadon. You'll be well served there. They have building surveyors and QS's. No doubt they have specialists doing this stuff every day.

Edited by Johnniem on Friday 31st March 14:30

[MOMACC]

I recommend Charterfields or Cardinus both used by the large brokers to complete rebuild surveys.

Once complete you also want to negotiate out any average clauses in your policies.

Your broker is spot on in recommending this, good broking.