Home
NewsProperty owners 'need to check insurance'
Property owners 'need to check insurance'
Posted by Mark Cunningham
Property owners need to make sure they have sufficient insurance to cover the cost of damage, it has been noted.
According to Aviva, more than three-quarters (77 per cent) of professionally valued buildings are underinsured.
People should include the costs of removing debris and architects' and surveyors' fees when they are establishing the level of cover needed, the organisation stated.
Mark Dunham, commercial property underwriting manager at the firm - which describes itself as the world's fifth largest insurance group and claims to serve 50 million customers - suggested that the economic downturn has caused the number of underinsured buildings to rise.
He remarked: "Although the recession has led to significant reductions in the market values of buildings in terms of what they can be bought and sold for, rebuilding costs have not reduced to the same degree."
Indeed, as the UK begins to return to growth, the cost of reinstating a building is expected to rise, he claimed.
29/03/2010 16:19
News category: Consumer