Make Sure Your Property is Insured For The Correct Amount.

Fewer than one in ten commercial properties are correctly insured.   It is thought that 14% are overinsured which means you are paying more than you need to.  Around 80% are underinsured which would have a detrimental affect on a claim settlement.  The estimated underinsurance total value on UK commercial properties is a staggering £325 million.

So why are so many properties underinsured?  These are some of the reasons:

  • Market value is used instead of rebuild cost
  • Other costs related to rebuild such as access and clearance costs or professional fees aren’t taken into account
  • Building material & labour costs have increased over time
  • Changes to the building aren’t taken into account
  • Outbuildings etc aren’t included
  • The same figure used by the previous property owner is used
  • They guessed!

Having an up-to-date and reliable Rebuild Cost Assessment helps businesses to avoid the potentially devastating consequences of being underinsured.

Click on the image below to find out more.

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