Rebuild Cost Assessment
Is your commercial property underinsured? Lockyers are working in partnership with Rebuild Cost Assessment Ltd (RCAL) who are the market leaders in the provision of high quality rebuild cost assessments of both residential and commercial buildings in the UK.
According to RCAL more than 9 out of 10 UK buildings are insured for the wrong amount with 80% being underinsured and 14% overinsured. RCAL findings show that on average underinsured buildings are only covered for 68% of the amount they should be.
Issues of underinsurance are currently being made worse by the sustained raise in construction costs. According to the Builders Merchants Federation (BMF) prices have risen in general between 10% & 15% for products and materials but some sheet materials have risen by as much as 50%. RCAL assessments are indexed on a fortnightly basis to allow for recent increases.
** Estimate based on British Property Federation (BPF) data on UK commercial real estate