One thing that cannot be denied is the effect of extreme heat, followed by wet, cold weather in the British winter, on properties like houses. Depending on the original water table, developer drainage systems and other unforeseen factors, this regular shift from summer to winter can cause problems long term; cracks, heave, underpinning and more. Here’s the word;
Cos Kamasho, principal consultant at BCIS, said:
Climate breakdown in the UK is increasing the frequency and intensity of environmental hazards, exposing our built environment to risks that were once relatively uncommon.
Recurrent drought and resulting soil shrinkages and subsidence are one example, alongside more frequent and severe river and coastal flooding.
Insurers and policyholders face a challenging situation. Both climate-related risks and the cost of repairing or rebuilding damaged property are increasing.
Construction cost inflation has been driven by a combination of factors in recent years, including geopolitical instability, higher materials costs and regulatory changes.
These pressures mean the average cost of reinstating a damaged property can increase significantly, even over a relatively short period.
If those changing costs are not reflected robustly when a policy is taken out or renewed, buildings may be underinsured.
That creates a significant financial risk when a major loss occurs.
Now more than ever, access to robust, high-integrity rebuilding cost data is vital.
It gives insurers greater confidence in renewal pricing and helps ensure sums insured realistically reflect the true cost of rebuilding, leaving policyholders better protected should the worst happen.
Be the first to comment