As many as 9 out of 10 properties are under insured, don’t let your property be one of them!
A recent report by Rebuild Cost Assessment Ltd, a Royal Institute of Chartered Surveyors (RICS) regulated property valuation company, highlighted that as many as 9 out of 10 properties in the UK are insured for the wrong amount of which the vast majority (79%) are underinsured.
Increased labour and building material costs, brought about by both the pandemic and Brexit during the past 12 months have further worsened the situation, making it now more important than ever to review your building sums insured.
Why is it important to set the correct Building Sum Insured?
Whilst over insuring a property means paying too much for buildings insurance cover, insuring a property for an amount that is not adequate to rebuild it in the event of a total loss could have severe consequences for your charity.
It is therefore vital that a building sum insured is set correctly to minimise the risk to your charity in the event of a claim being made
How to avoid underinsurance
A buildings Sum insured should be reviewed annually to ensure it adequately reflects any alterations, improvements or replacements that have occurred during the year.
PIB Insurance Brokers partners with Royal Institute of Chartered Surveyors (RICS) accredited specialist companies who offer rebuild costs assessment options to suit your business needs.