The RCA involves establishing the hypothetical like for like cost to replace and reconstruct a property from scratch, including the costs of demolition and site clearance and all professional fees incurred. This cost would be to reconstruct the property to conform to modern day building regulations but keeping the visible exterior and standard of fit out in the interior more or less the same. The purpose of the RCA is to ensure that the property has the appropriate level of insurance and therefore has a direct impact on the insurance premium for any given property.