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Buildings Reinstatement Costs - Underinsurance and the Danger of 'Average'

22/2/2022

Risk Control

When was the last time you had your building surveyed for insurance purposes? Are you confident that your current building sum insured is correct? Over the last 6 months, 90% of QCG clients surveyed were found to be underinsured and unsurpisingly, 60% of private and commercial properties in the UK are estimated to be underinsured.

Also unsurprisingly, storm damage is the top causes of property damage resulting in a claim; given recent weather events which may well become commonplace in UK weather patterns, we cannot stress enough the importance of undertaking a survey if you have not done so in the last 3 years. Have a look at the example calculation in the infographic above to understand the implications of under insurance.

It seems the importance of this matter is starting to be recognised as demand for reinstatement surveys is now on the up, so much so that lead times on surveys has also increased, so it's worth thinking about now rather than later.

Avoid unnecessary complications and get in touch with Jade, our Risk Control Specialist, at riskcontrol@qcaregroup.co.uk to organise your survey either onsite or remotely.
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