Our property specialists recently held their webinar Get it right: The Real Value of Accurate Buildings Sums Insured in partnership with RebuildCostAssessment.com, to explore the risks of both underinsurance and overinsurance and offer insights to better protect your business.
What’s the scale of the problem?
As illustrated in RebuildCostAssessment’s 2025 infographic, “93% of properties are insured for the wrong amount”. When broken down further, they state: “according to data collected from more than 43,000 comprehensive property assessments, only a worrying 7% of UK properties are insured accurately, with 70% of properties underinsured and 23% overinsured.”
How can RebuildCostASSESSMENT.com help?
Their desktop rebuild cost assessments are helping to eradicate under and over insurance via an in-house, two-step process:
1. Assessment and data gathering
The team of full-time assessors use multiple online sources to locate, describe and measure properties, factoring in outbuildings, fencing, walls, hard standing etc. Consider it a remote site survey.
2. QC and rate applications
Once the assessor has built up the report the RCA in-house team, RICS accredited surveyors check the reports and apply the rates. This is carried out by using real time, ‘live’ data from BCIS, updated fortnightly by contractors, surveyors, RICS etc.
Top Broker Tips
- Always try to get a valuation by a RICS qualified surveyor
- Take advantage of the preferred supplier rates on offer for valuations
- Try to avoid the temptation to remove index linking applied to the declared value by many insurers
- Make sure that you keep increasing the declared value in line with rebuilding costs VAT should be included at 20% on the insured amount, to avoid underinsurance.
Additional resources
Clear's webinar in partnership with Rebuildcostassessment.com.
Contact us
For more information on rebuild cost assessments, or to discuss your property insurance requirements, reach out to our team today.
