We have given a round up here of the latest news on the property industry that might be of interest to you. Therefore, don’t hesitate to click here on the articles listed below.
Why do house prices keep rising?
What are the current Covid rules for moving home?
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House price growth show signs of slowing as supply increases.
Click here for what you need to know.
Are you looking to get an instant quote for your commercial property? Click here and we can provide you with not one but up to three quotes!
How homeowners can beat the rising cost of living.
Find out more here relating to the latest property industry news!
Are you aware of the growing risk of underinsurance?
In the words of the financial conduct authority “there is already an alarming degree of underinsurance”. With both the UK businesses and consumers creating issues throughout each of the property sectors.
It is the responsibility of landlords to ensure they take out sufficient levels for cover for the insured risk of having insurance.
However, if they fail to take out sufficient level of cover this can have devastating consequences for you. It can result in significant reductions to any insurance pay outs and potentially in the worst case scenario, it may void the policy. Resulting in no pay out at all.
A practical example is as follows;
If the rebuild cost of your premises is £200,000 but the property is only insured for £100,000. You are underinsured by 50%. Every insurance company will have an average clause in the policy which is standard and therefore it reduces the sum insured by leaving the policy holder with 50% of an insurance pay out of just £50,000.
We understand from iInsure that they recently had one of their clients check their rebuild costs. iInsure have an ability to be able to check a policy for the correct sum insured for only £160.00. Substantially more than what most surveyors charge.
The client was insured for £630,000. Once the report was carried out it stated that it should have been £856,000. There was an underinsurance of £226,000 which would have been taken off any claim.
However, they can provide you with a RICKS certified up to date revaluation. Ensuring that your property is correctly insured for the right amount. Overall, the cost is minimal compared to what the situation would be if you weren’t paid out to the correct amount.