Coversure Dudley is launching a public awareness campaign to warn property owners of the risks of underinsurance. A recent report from Rebuild Cost Assessment found that 82% of UK properties are underinsured, a problem that could leave landlords and homeowners facing bills for tens-of-thousands of pounds in the event of claim.
Why Are So Many Properties Underinsured?
There are several reasons why property owners fall into the underinsurance trap, but one of the most common is that rebuild cover levels are too low.
Rebuild cost limits are the amount an insurer will pay out should a building need to be rebuilt. This isn’t the same as the building’s market value and includes things such as demolition, surveyors’ and architects’ fees, materials, and labour.
Rebuild cost levels being too low is a common way for property owners to become underinsured, which can lead to huge bills in the event of a claim as pay-outs don’t cover costs. Worryingly, most property owners don’t even know they have fallen into the property insurance trap until it’s too late.
Coversure’s Simple Solution To A Complex Problem
With 9 out of 10 UK properties currently incorrectly insured Coversure Dudley is offering local homeowners and landlords a property assessment service. Using a combination of insurance industry tools and a hi-tech virtual assessment service, landlords, homeowners, and commercial property owners can escape the property underinsurance trap. The assessment process is simple and can be completed in a few days.
