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  • 1.  Building Replacement Cost for FCI Scores

    Posted 08-10-2020 09:35

    Hi Everyone,

    Curious what everyone is using for Current Replacement Value when calculating their buildings FCI scores.

    I have Cost of Reproduction New (CRN) from 2017 insurance valuations which appear too low before factoring in 3 years inflation.

    Does everyone use insurance valuations for this purpose or is anyone/everyone trying to gain more thorough replacement values through a quantifier surveyor for this purpose for major buildings?

    Thanks in advance !

    Emil Bock
    City of Nanaimo
    Infrastructure Specialist
    Nanaimo BC

  • 2.  RE: Building Replacement Cost for FCI Scores

    Posted 12-10-2020 15:57
    The best sources are current unit cost construction costs, available from RS Means, Hanscomb, or Altus group.
    Even with these I often use a "fudge" factor as I find they trend a bit low.

    Next best source are your local contractors, architects or engineers. Find out what they think the going rate on current per SF construction costs are.

    Insurance replacement costs are, I find, always too low to be reliable.

    Best of luck

    Kevin Nelson