Windmills provides insurance cost assessments to determine the replacement value of properties and assets. We review documentation, inspect specifications and calculate current reinstatement costs with appropriate adjustments, ensuring values reflect construction standards, condition and regulatory requirements for coverage.
Windmills undertakes reinstatement cost assessment for a subject property professionally. Reinstatement cost assessment of an asset is usually required for insurance purposes. Let us explain below how we do it and what the important process steps are that we look after professionally.
Reinstatement cost assessment is basically to determine the replacement cost value of the property/asset for the old one under assessment. Under the assignment, we understand the specifications of the subject property or asset in detail by reading its documents and then physically inspecting it. Then, we find the most realistic and appropriate way to determine the current costs for the new property/asset. After that, we make downward or upward financial adjustments for the differences between the new and the old property/asset under assessment.
Each property being valued is unique. It has several standard or unique attributes that must be considered while assessing its reinstatement cost. These factors may include its structure, design, configuration, size, development quality, condition/defects, upgrades, extensions, facilities, and many more such attributes. We apply all the relevant adjustments for the above standard and unique attributes of the subject property scientifically.
Please read further explanations of valuation concepts under the valuation page. Please refer to the RICS Red Book to learn more about international valuation standards and the Emirates Book of Valuation Standards to learn more about local valuation standards.
Valuation Process
Understanding Subject Property: Studying subject property documents, obtaining missing/unclear information
Checking Conflict of Interest: Deciding on it as per international and local valuation standards.
Inspecting Subject Property: Checking, verifying and noting all attributes of the property physically
Using Effective Comparable: Using transactions, listings and recent valuation data streams and identifying the most relevant comparable.
Identifying Attribute Differences: Sensitizing and comparing all important attributes of the property with those of the subject property.
Making Financial Adjustments: For the differences in the attributes of the subject property vs the market comparable transactions.
Windmills provides valuation services for a broad spectrum of residential property types, from land and villas to apartments, buildings, and specialized residential assets, each evaluated with dedicated expertise.
