{"id":3625,"date":"2018-05-11T10:32:35","date_gmt":"2018-05-11T10:32:35","guid":{"rendered":"http:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/?p=3625"},"modified":"2018-06-18T11:03:51","modified_gmt":"2018-06-18T11:03:51","slug":"property-adequately-insured","status":"publish","type":"post","link":"https:\/\/www.networkportfolio.co.uk\/mcclarroninsurance.com\/news\/property-adequately-insured\/","title":{"rendered":"Is your property adequately insured?"},"content":{"rendered":"

Buildings should always be insured for the amount it would cost to rebuild them. However, 80% of commercial properties<\/strong> in the UK are underinsured*.<\/p>\n

So you can feel confident you\u2019ve got your sums insured right, we have teamed up with RebuildCostASSESSMENT.com<\/strong><\/a>\u00a0who can offer you a reliable RICS approved, desktop<\/strong> Rebuild Cost Assessment to help guide you on how much you should be insuring your buildings for. This is a fantastic and affordable online service, saving you the hassle of having someone physically visit your property, which can be time-consuming and costly.<\/p>\n

We also have a \u00a320 discount code<\/strong> for you to use – simply enter the code MCCLARRONS20<\/strong> when placing an order online.<\/p>\n

We want to make sure you understand the potential consequences of underinsuring, so have provided an an overview of underinsurance and guidance on how to avoid it, below.<\/p>\n

It\u2019s a common mistake, but a costly one \u2013 determined by the \u2018condition of average\u2019 clause. This clause is the insurance term used when calculating the settlement for a claim where the\u00a0policy\u00a0undervalues the sum insured. In the event of a loss, the amount paid out for a claim will be in the same proportion as the value of the underinsurance.<\/p>\n

For example, if you have insured your buildings at \u00a3200,000 and following a loss they are valued at \u00a3200,000, there is no issue. However, if you\u2019ve insured your buildings for \u00a3100,000 and the actual value is \u00a3200,000, you have underinsured by 50%. This means, should you suffer a loss of \u00a3100,000 you would receive a claims settlement of only \u00a350,000. The below shows how a payout is calculated by insurers.<\/p>\n

Payout = Claim x Sum Insured\/Actual Value<\/strong><\/p>\n

Payout = 100,000 x 100,000\/200,000<\/strong><\/p>\n

Payout = 50,000<\/strong><\/p>\n

Here, in the event of a claim, any settlement calculated on the insured value will be halved by your insurer, leaving you with only \u00a350,000 paid out.<\/p>\n

Given the statistics, it is highly likely you are either paying too much for your cover or even worse, are facing a significantly reduced payout in the event of a claim. Don\u2019t put your property at risk<\/strong>, it\u2019s an avoidable issue which we have a simple solution for. You may be surprised at just how little it costs to increase your sum insured.<\/p>\n

Protect your property from the potentially severe consequences of underinsurance by clicking\u00a0here<\/strong><\/a>\u00a0for a Rebuild Cost Assessment. Don’t forget to use the discount code MCCLARRONS20.<\/p>\n

For any queries about your building insurance, contact McClarrons on 01653 697055 <\/strong>or by emailing enquiries@networkportfolio.co.uk\/mcclarroninsurance.com<\/strong><\/a>.<\/p>\n

*Source:\u00a0https:\/\/insider.zurich.co.uk\/industry-spotlight\/the-hidden-perils-of-underinsurance\/<\/p>\n","protected":false},"excerpt":{"rendered":"

Buildings should always be insured for the amount it would cost to rebuild them. However, 80% of commercial properties in the UK are underinsured*. So you can feel confident you\u2019ve got your sums insured right, we have teamed up with RebuildCostASSESSMENT.com\u00a0who can offer you a reliable RICS approved, desktop Rebuild Cost Assessment to help guide […]<\/p>\n","protected":false},"author":6,"featured_media":3695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[613,614,615,616,617,610,611,612,120,118,9],"yoast_head":"\nIs your property adequately insured? 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