Valuations and risk assessments have become less of a priority to property owners in the face of an ever-shifting economy. As owners attempt to cut costs, the market has seen an explosion in the number of underinsured properties, not just in the UK, but around the world.
Emerging global risks, such as extreme weather events causing increased flooding and property damage, highlight the need for stronger coverage.
This article highlights how brokers can advise property owners on how to avoid the pitfalls of underinsurance.
• Variables to consider when assessing the adequacy of a particular building sum insured.
• The importance of getting the correct sums insured in place.
• Rising costs and underinsurance.