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Spotlight:

Buildings underinsurance

Infrequent reviews, lack of awareness and rising construction costs are contributing to a widening gap between insurance levels and the true rebuild costs of UK properties.


This Insurance Post Spotlight series explores the widespread problem of buildings underinsurance, its impact on business owners and individuals, and how insurers and brokers can help customers address the issue.

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63%

Average coverage of underinsured buildings

76%

Percentage of UK buildings underinsured 

122%

Average coverage of overinsured buildings

Expert views

“Underinsurance not only poses significant risks for property owners, but also threatens the stability of insurers who could face unanticipated liabilities.”

Johnny Thomson

Marketing and communications director

Rebuild Cost Assessment

“The introduction and development of AI technology could help with desktop valuations being more easily available and affordable to policyholders.”

Paul Salisbury

Client director

Tysers Retail

“The broking community has a massive part to play in encouraging people to insure properly and helping them access services that are reasonably priced to enable them to do that.” 

Douglas Brown 

Managing director

Renovation Underwriting

Read the articles:

Why it matters


 

The causes and consequences of underinsurance

Taking action

How insurers and brokers can help customers

Expert view

The potential of AI to transform valuations

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Infrequent reviews, lack of awareness and rising construction costs are contributing to a widening gap between insurance levels and the true rebuild costs of UK properties.

76%

63%

122%

Expert views

Read the articles:

Spotlight:

Taking action

Expert view

Why it matters

“Underinsurance not only poses significant risks for property owners, but also threatens the stability of insurers who could face unanticipated liabilities.”

“The introduction and development of AI technology could help with desktop valuations being more easily available and affordable to policyholders.”

“The broking community has a massive part to play in encouraging people to insure properly and helping them access services that are reasonably priced to enable them to do that.”