There has been a great deal of media coverage concerning the cost of construction materials increasing to their highest levels for many years. This in turn is driving up construction costs, which means it is vital that homeowners check that their buildings insurance sum insured is sufficient to cover rebuild costs should their properties be damaged or destroyed.
If your property was to be completely wiped out due to a fire or some other disaster, could you safely say your buildings insurance would sufficiently cover you for the full reinstatement and rebuild costs? The importance of getting it right when it comes to buildings reinstatement value cannot be over-emphasised. Yet it is one of the most common errors made when insuring a building.