Reinstatement Cost Assessments Ahead of Active Hurricane Season

Prepare for the 2024 Hurricane Season: The Critical Importance of Accurate Reinstatement Cost Assessments

As the 2024 Atlantic hurricane season approaches, predictions from leading meteorologists indicate an above-average level of activity. With potential threats looming, it is crucial for property owners, especially in hurricane-prone areas, to prepare adequately. One of the most critical preparations you can undertake is ensuring your property’s insurance valuation is accurate. A Reinstatement Cost Assessment can safeguard your investment by preventing underinsurance, which is a common pitfall for many property owners.

Understanding Reinstatement Cost Assessments

A Reinstatement Cost Assessment, conducted by a BCQS surveyor, determines the cost to rebuild your property “new for old” in the event of a loss. This comprehensive appraisal includes demolition, professional fees, and statutory fees necessary for reconstruction, aligning with the Royal Institution of Chartered Surveyors (RICS) Guidance note. The assessment ensures that the declared value of your property for insurance purposes covers the total cost of a rebuild, which is essential for adequate insurance coverage.

The Risks of Underinsurance

Underinsurance occurs when a property is insured for less than its current rebuilding cost. This may result in lower premiums in the short term but can lead to significant financial losses if a disaster strikes. For example, under the insurance industry’s Condition of Average Clause, if a property is insured for only 50% of its rebuilding cost, any claim payout may also be reduced to 50% of the assessed cost, severely limiting your ability to fully rebuild your property.

The Forecast for 2024

According to the National Oceanic and Atmospheric Administration, there’s an 85 percent chance that the 2024 Atlantic hurricane season will be above average, a 10 percent chance that it will be average, and a 5 percent chance that it will be below average. More specifically, NOAA hypothesises there will be 17 to 25 named storms with winds above 39 miles per hour, with eight to 13 of them projected to become actual hurricanes with winds 74 mph or higher. NOAA also expects there to be four to seven major hurricanes that rank as category 3, 4, or 5 with winds above 111 mph. This increased risk underscores the need for property owners to review their insurance coverage and ensure it accurately reflects their property’s rebuilding costs.

Why Regular Reassessments are Essential

Construction costs can escalate over time due to various factors, including changes in market conditions and regulations. Regular reassessments every few years, or after significant modifications to your property, are crucial to maintain adequate coverage. BCQS provides detailed inspections and cost calculations that account for all aspects of your property, ensuring that your insurance coverage adapts to any changes.

BCQS Expertise

At BCQS, we are committed to providing precise and reliable reinstatement cost assessments. Our team of experienced surveyors is well-versed in local and international standards, ensuring that your property is assessed accurately. In the event of a claim, our surveyors work diligently with Loss Adjusters to settle claims efficiently, safeguarding your interests and facilitating a swift recovery.


As we brace for a potentially severe hurricane season, the value of a Reinstatement Cost Assessment cannot be overstated. It not only ensures that you are adequately insured but also provides peace of mind knowing that you are prepared for whatever the season may bring. Don’t wait until it is too late; contact BCQS today to schedule your assessment and secure the protection your property deserves.

Find a BCQS Expert Near You

To ensure your property is fully protected and to schedule a Reinstatement Cost Assessment, visit our locations page to find the nearest BCQS office and reach out to a local expert.