![](https://brownhillgroup.co.uk/wp-content/uploads/2022/12/Asset-1@2x.png)
NOT ENOUGH
![](https://brownhillgroup.co.uk/wp-content/uploads/2022/12/Asset-2@2x.png)
TOO MUCH
![](https://brownhillgroup.co.uk/wp-content/uploads/2022/12/Asset-3@2x.png)
610,000*
![](https://brownhillgroup.co.uk/wp-content/uploads/2022/12/Asset-4@2x.png)
£375 billion**
Data derived from 26,861 Rebuild Cost Assessments completed between Sep ‘21 and Aug ‘22. *Estimate based on Zoopla data on UK homes with a market value exceeding £1m **Estimate based on British Property Federation (BPF) data on UK commercial real estate
How does this effect my property insurance?
If the reinstatement value of your property is £1,000,000 but you only take out insurance for £500,000 you are underinsuring your property by 50%. Most property insurance policies have a condition called the ‘Average Clause’, allowing the insurer to reduce settlement payments in the event of under insurance.
In this example, if you suffered a fire which caused £100,000 worth of damage, the insurer would only pay for half of the damage = £50,000
Contact your account manager to discuss your sums insured and ensure they’re adequate, and ask about our online reinstatement survey for £175. Mrs Loyd did just that and found she was one of the lucky ones in the 13% overinsured.
I am grateful to Brownhill’s for highlighting the benefit of having an RCA survey carried out online. The cost of the survey (£175.00) has saved me £182.18 on my premium. Thank you!
Mrs R.A. Loyd