Recent research has found that 30% of people guess when calculating their building insurance cover. This is a serious issue as there may be many factors you may not think to include. The cost to rebuild is one of the most common areas of cover that goes under-insured. Learn how to ensure you have the right level of rebuild cost calculated for your block of flats insurance cover.
Your rebuild cost is an essential part of your block of flats insurance. This covers the cost in the unfortunate event that the block requires a full rebuild from scratch. An accurate estimation will prevent the risk of underinsurance.
There are many things to think about when calculating either a partial or complete rebuild cost. Some areas to consider may include:
• The cost of materials and construction work.
• Surveyors, architect and other professional fees.
• The cost of build to comply with local building regulations and the latest ‘Greener Homes’ requirements.
• Debris and demolition removal costs.
It is important to understand all areas, so you have complete coverage and don’t get caught out!
Trying to estimate your block of flats rebuild costs can leave you overwhelmed. Try to avoid the temptation to guess or ‘round up’ your own figures. Blocks of flats can vary widely in their construction methods. To reduce the risk of over or under-insurance, book a rebuild cost assessment instead.
A rebuild cost assessment should be conducted by a trusted expert. To save you the time and effort of finding a surveyor, Flats Direct are offering special rates for our clients. We will help set the correct sum insured for your block of flats insurance for just £102. In addition, one of Flats Direct's insurer partners will offer this service free of charge for flats insured with them.
Want to find out more about our rebuild cost assessments? Call Flats Direct now on 0800 7316242 or 01202 862660 or visit our website to receive your free block of flats insurance online quote now.