Everyone
is naturally interested in how their building claim will be
dealt with, most companies have dedicated claims lines now, open
24 hours a day which makes the whole process a lot easier. The
insurance policy for your building will normally be written on a
reinstatement basis which means no deduction will be made for
wear and tear. To obtain this cover, you must make sure that
your building is insured for its full rebuilding cost. (Most
policies are now index linked which will increase the building
sum insured each year, but you should still maker sure that you
are adequately insured by reviewing your sums insured on a
regular basis.
Calculating
re-building costs can cause a lot of confusion and the only way
to make sure that your building is insured for the correct
amount is to either seek a professional opinion from a surveyor
or if you know the dimensions, you can use the re-building guide
published by the association of British insurers, this can be
found by clicking here. If you underinsure your building, your
insurers will apply an average clause which will effect any
settlement under a building insurance claim.
Remember,
building insurance is not a maintenance insurance contract. If
your building is in a poor state of repair, your insurers will
not pay a claim or will make deductions for betterment. If you
are unsure what any particular term means relating to this type
of insurance, please refer to our insurance glossary. Or for a
fuller explanation ask the opinion of an insurance professional
