Did you know more than 9 out of 10 buildings in the UK are insured for the wrong amount? Chances are that yours is one of them!
Why
your rebuild costs may have increased -
Rebuild costs have risen because of higher demand and lower supply. Furthermore, the energy costs associated with producing building materials, including bricks and plasterboard, have also risen significantly. Although insurers index-link sums insured to keep up with higher costs, according to the Association of British Insurers it’s failing to keep up with the above inflation rises in the cost of many building materials.
The
building sum insured should reflect the full cost to rebuild your home from
scratch, including:
· Outbuildings, driveways and walls
· Professional Fees and demolition
As a property owner, it is your responsibility to provide your insurer with an accurate rebuilding cost for your property and to ensure your building is insured for the correct amount. If your property is underinsured, your insurer may apply the Average Clause in the event of a claim, which could reduce the amount paid, even for a partial loss.
In some circumstances, if the rebuilding cost declared is significantly inaccurate, this may affect how a claim is settled or, in serious cases, the Insurer may refuse to pay a claim completely.
If you
haven’t had a professional buildings valuation of your property in the last
three years, then it is likely that you are underinsured.
We can arrange this for you with RebuildCostAssessment.com, who provide a desk top survey to help give you a reliable ‘rebuild cost’, which is presented in a comprehensive and shareable report.
The cost of a desk top survey is £169.56. Please let us know if you would like to benefit from this service and will arrange this on your behalf.