Are you sure your building sum insured is correct?

World events are having an ever-increasing impact on the price of everything, including the rebuilding costs of your property should it be impacted by fire, flood, contamination, damage, and so on. Consequently, it’s vital that you have the right sum insured.

Sums insured that were correct just a year or two ago will no longer be accurate. Labour costs, professional fees, and building material costs all have increased significantly, so previous sums insured are unlikely to be adequate. The consequences of being under-insured can be considerable.

Remember, if the insurer believes that you are under-insured in the event of a claim, then the condition of ‘Average’ is likely to apply. This means they will reduce the claim payment by the same proportion of under-insurance, so if you have a £25,000 claim on a building insured for £500,000 which the insurer believes should be £1,000,000, then they would only pay out £12,500 for the claim.

In association with Maneely & Co Ltd, one of Northern Ireland’s leading estate agents and Chartered Valuation surveyors, Dickson Property Care can offer a detailed value at risk survey for your property, which will ensure that you are not under-insuring your property – but not over-insuring it either.

Maneely’s can provide you with …

• A survey of your property from a fully qualified professional
• Calculation of areas for all separate necessary uses
• Building Cost Information Services (BCIS) construction data costs
• Royal Institution of Chartered Surveyors (RICS) accredited valuers
• Full re-instatement cost calculations and report

Call us to find out more.