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Recently published Government statistics highlight that material prices in 2022 increased by over 25% from 2021. Prices for everyday core building materials such as concrete, steel, bricks and plasterboard are continuing to rise in the first quarter of 2023. This is off the back of horrendous shortages and panic buying of materials after the Covid pandemic and Brexit legislation.
All this has a huge knock-on effect on rebuilding costs and how much you should insure your property for.
When considering claims, insurers are questioning the level of insurance cover policy holders have in far greater detail. When considering this together with the recent material price increases and higher inflation, it is essential that you have adequate insurance cover.
Those with listed properties or groups of specialist buildings are particularly at risk. Think about whether your buildings have recently changed occupation or now accommodate more valuable apparatus. Perhaps you have extended or converted your properties and have not informed your insurance company. It is always critical that you review matters on a regular basis, and we have the expertise to assist you.
Despite energy prices starting to fall and building materials becoming more available, we are not yet seeing this reflected in the construction industry. Recent hikes in inflation also bring instability to the cost of rebuilding. We have recently encountered a few instances when insurance companies refuse to settle the full amount of the claim because the policy holder is underinsured. This can make for an unwelcome surprise and potentially invalidate the claim so do not let this happen to you. Remember you do not get any forewarning of a fire, flood or storm damage, therefore it is essential that you know you are up to date and adequately covered.
Call Robert Franklin, Head of Architecture & Building Surveying on 01234 362917 or email rjf@robinsonandhall.co.uk today to arrange for an inspection and reinstatement cost assessment of your property.
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