{"id":28715,"date":"2025-01-22T10:42:50","date_gmt":"2025-01-22T09:42:50","guid":{"rendered":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28715"},"modified":"2025-02-11T11:07:42","modified_gmt":"2025-02-11T10:07:42","slug":"how-do-insurance-companies-reduce-property-payouts","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28715","title":{"rendered":"How do insurance companies reduce property payouts?"},"content":{"rendered":"

So, with all the costs driving premiums up, how come so many insurance companies are managing to reduce their payout costs following claims?<\/p>\n

Simply put, the majority of people are under-insured.<\/p>\n

The most common way a claims manager saves their client or their employer money is by arguing that the property should have been insured for a greater reinstatement sum.\u00a0 The claim is then reduced on a pro rata basis by the insurer when assessing the payout.<\/p>\n

If you have guessed a sum or relied on a broker or a website to estimate the buildings sum to be insured, then nearly always the sum insured will not match the sum the insurer\u2019s representative says it should be.<\/p>\n

Sometimes the insurance policy has an unlimited sum to be insured.\u00a0 That is increasingly rare for any property that is over 100 years old but resolves the question of the sum on which the property insurance is based.<\/p>\n

While it is possible to calculate your own buildings reinstatement valuation using the tools offered by some insurance websites, if your property pre-dates 1900, has a flying freehold, mixed use, unusual construction or external conditions, is listed or in a conservation area or is in any way unusual, then an up-to-date, professional RICS buildings reinstatement valuation is the only way to ensure you are accurately insured.<\/p>\n

It will protect you from ghastly surprises such as the need to pay for specialist asbestos removal or equipment for shoring up neighbouring properties which are the sort of thing that an average person will not consider.<\/p>\n

You should obtain a valuation by an independent Chartered Surveyor with appropriate indemnity insurance.\u00a0 You should also make sure it is a suitable base which can be index-linked for 5 years.\u00a0 This effectively spreads the benefits over the five years.<\/p>\n

If you are a solicitor looking after a property, a managing agent, a freeholder, or someone else with obligations to owners or leaseholders, obtaining an appropriate buildings reinstatement valuation from a Chartered Surveyor will satisfy your duty of care to your clients and trustees.<\/p>\n

Finally, along with checking your buildings reinstatement valuation is up to date, property owners can help themselves and their insurance companies by making sure their contents are listed with full inventories of precious items and, in appropriate cases, by installing modern technology to monitor for safety and security.<\/p>\n

To contact an appropriate Chartered Surveyor, go to propertysurveying.co.uk<\/a><\/p>\n

\u00a9www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

So, with all the costs driving premiums up, how come so many insurance companies are managing to reduce their payout costs following claims? Simply put, the majority of people are under-insured. The most common way a claims manager saves their client or their employer money is by arguing that the property should have been insured … Continue reading “How do insurance companies reduce property payouts?”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":22864,"parent":22319,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[562,569],"class_list":["post-28715","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nHow do insurance companies reduce property payouts? - Property Surveying NEWSLETTER<\/title>\n<meta name=\"description\" content=\"With home insurance companies increasing premiums, why are property payout costs reducing following claims? 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