Protect Your Property with the Correct Buildings Insurance Coverage!

Ensuring the adequacy of your building’s insurance coverage is essential for your peace of mind and potential cost savings. It is important you have accurate cover to prevent the following:

Being underinsured: If your rebuild insurance valuation demonstrates that your sums insured are less than the calculated rebuild cost, it’s a red flag. In this case, you would be responsible for the shortfall. Owners risk paying out thousands in the event of a claim if they are underinsured for example if you insure a property for £300,000 and it should be £500,000 would you be able to cover the shortfall using your own funds?

Being overinsured: If your rebuild insurance valuation indicates that your current sums insured surpass the calculated rebuild cost, you might be overinsured. This is an opportunity to adjust your building’s sum insured from an insurance RCA (Reinstatement Cost Assessment) through an RICS-regulated firm. This could result in improved coverage and lower premiums.

If your building insurance is coming to renewal and you are unsure, please get in touch today for a consultation whether it’s residential or commercial. We have you covered.