In light of the recent flooding in Coverack, it is vital that you make sure your property insurance is up to date. The dangers of being underinsured for your home are great, but don’t forget about other buildings or commercial properties too.
The Building Cost Information Service (BCIS) report from 2012 revealed 80% of commercial properties were in fact underinsured, an overwhelming percentage.
Get your valuation right
If you fail to get regular insurance valuations then this leads to the most common cause of property underinsurance. Insurers will look at many factors of your commercial property to see what risks are present. Typically you would expect them to look at the following:
- Property fixtures and fittings, any outbuildings, extensions or annexes.
- Any external walls, gates, fences and fixed signage.
- Any other outside surfaces such as car parks, roads and pathways.
- Any security devices such as cameras and lighting.
- The buildings communication services, such as aerials, masts and fittings.
Your insurance cost will usually cover you for the reinstatement of all of the listed items. It is in your interest to make sure that your commercial property is fully insured so that you do not face a situation of Property Underinsurance.
What you need to do as a Property Owner of both residential and commercial properties
If you think you have any specific risk factors with the building itself, then speak to a Chartered Surveyor to see if there is anything you can do to prevent high insurance costs.
Compare all the insurance available from different brokers and providers, they may offer different types of insurance. Assess the valuations annually and be sure to update any building changes. As time goes on you will need to be covered for a higher amount as the cost of rebuilding or repair will too increase over time.
It is important to work with insurance providers that are specialised in your particular field, as businesses all require a varying type of property insurance.
Your Building Surveyor will help you to asses the cost of repair or rebuild that may be necessary so that you can make sure you don’t fall within the high percent of people with Property Underinsurance.
Speak to Richard via our contact page.