We all know prices are rising for everything… food, energy, travel, entertainment and of course construction costs.
Building materials have risen sharply (and if you can find them) as well as labour costs (question: how quickly can you get a tradesman to come round and fix something?)
But of what importance are increasing construction costs to you ?
Why should you take notice ?
Well, this means that to build, repair, renovate or extend the budgeting you started with may no longer be enough to cover the cost of your project.
But that’s just existing projects or projects in the pipeline.
What about your existing house/property ?
In boring insurance terms, this means you may be underinsured.
The consequence of this is that in the event of a claim, it may not be fully met leaving you with a shortfall which you have to pay out of your pocket!
Example: if you’re underinsured by 50%, your claim will be reduced by 50%. Therefore, a claim costing £5,000 to repair will only entitle you to £2,500 from your insurance company. The balance, comes out of your own pocket !
Statistic: A recent report (RebuildCostAssessment – Infographic 2021) has found that 80% of UK properties are underinsured which means you could be in this dangerous percentage.
So what do you need to do ?
Knowing that you could be underinsured, you should act now to review your Building Sum Insured on your property insurance policy or policies.
We can assist you or give you guidance on this matter so all you need to do is Email Us at info@titan-insurance.com or Call us on: 0207 731 3700
A claim can happen at any time so don’t leave it until it’s too late…
