What property owners should know before renewal season

Renewal season is approaching, and for many property owners, that means one crucial question: does your current sum insured still reflect today’s rebuild cost?

In 2026, the answer is often “no.” With rebuild costs still rising and insurers tightening their focus on valuation accuracy, renewal reviews are now essential to avoiding both underinsurance and unnecessary premium spend.

To understand the scale of inaccurate property insurance in the UK, take a look at our latest infographic.

“Renewals shouldn’t be a box-ticking exercise,” said Sharon Masters AIIRSM MARLA, Technical Lead and Surveyor at RebuildCostASSESSMENT.com. “They’re a financial checkpoint and an opportunity to make sure cover genuinely matches the cost of reinstating your property.”

Our latest construction cost update shows that average rebuild costs remain around 3–5% higher year on year, with significant regional and building-type variation. Yet many policies remain indexed by far smaller percentages, leaving owners exposed to significant shortfalls in the event of a major loss.

The risks are not limited to underinsurance. Some properties – particularly those that have undergone extensive refurbishments or where market valuations were previously used as a proxy for rebuild cost – are drifting into overinsurance territory. With the FCA’s Consumer Duty now requiring fair-value outcomes, insurers and brokers are under pressure to demonstrate that customers are paying for accurate, not inflated, cover.

To stay protected, property owners should:

1. Review sums insured annually, especially ahead of renewal.

2. Commission professional Rebuild Cost Assessments (RCAs) every three years, or after major alterations.

3. Share up-to-date valuation data with brokers early, giving time to review terms and pricing accurately.

Portfolio owners can further streamline this process by maintaining a central rebuild cost register, ensuring visibility across multiple sites and renewal cycles. This approach not only saves time but strengthens insurer relationships by demonstrating proactive risk management.

“Accurate valuations are the foundation of fair insurance,” Sharon Masters noted. “When clients get this right – pricing, terms, and peace of mind just follow naturally.”

As renewal discussions begin for 2026, one rule stands out: review before you renew. It’s the simplest, most effective way to prevent financial surprises and ensure your insurance remains fit for purpose.