A sustained rise in construction costs this year is increasing the likelihood of significant underinsurance of buildings in the UK. Recent data from RebuildCostASSESSMENT.com has highlighted how on average, buildings are covered for just 68% of the amount they should be in Britain. However, with rebuild costs rising rapidly, the current situation is likely to be even worse. According to the Builders Merchants Federation (BMF), prices have risen by between 10% and 15% for prod

New data from RebuildCostASSESSMENT.com has revealed that properties with a sum insured of less than £500,000 are generally covered for just over half the amount they should be. On average, buildings insured for less than half a million are covered for just 55% of their true rebuild cost. This is in contrast with data for properties insured for more than £2m, which on average are covered for 72% of their rebuild cost. “Let’s be honest, this isn’t really a good situation all r