Research undertaken by RebuildCostASSESSMENT.com has revealed that four in every five buildings they survey are underinsured by an average of 37%. It is a growing risk that is affecting buildings, machinery, plant, and other contents which concerns private individuals and businesses of all types and sizes.
If you have not had a professional insurance valuation in the past five years, it is highly likely that your property will be underinsured. You could face serious consequences if you have to make a claim and it is discovered that you do not have the correct level of cover in place. If this was the case, your policy will not operate as intended, delivering less indemnity than needed following a loss.
To help you understand the risks of underinsurance, our sister company, Specialist Risk Insurance Solutions, have published a guide that:
- Explains why we are seeing more underinsurance
- Outlines the implications of underinsurance
- Discusses the actions you should take to prevent underinsurance
- Offers guidance on things to consider when choosing your valuation assessor
Download the guide:
If you would like to discuss this in more detail with a member of our specialist team, please get in touch for an introduction to one of our Commercial insurance experts.