The verb reassess means to consider something again, especially if new factors have come to light since you first assessed the issue. Now that you know the parents won't be home, you should reassess letting your kids go to the party.
There are two sets of double ss in the word reassess. The prefix re- means "again," so reassess means to assess again. When you reassess a situation, you may change your position, but you may come to your original conclusion again. The word does not necessarily imply a change of opinion, just another review of the situation. In light of some math errors in the family budget, you reassess the costs of the vacation, but conclude it is still doable.