It is time to have the reinstatement costs of your home/business premises re-estimated!

Due to the soaring cost of building materials, Michael Powell Solicitors are advising everyone to review your insurance policies and ensure your reinstatement values are appropriate.

Frequently reinstatement costs far exceed market value. However, due to COVID-19 and the disastrous effect it has had on the supply chain industry globally, it is estimated that building materials have increased by a minimum of 108.6% in the last 12 months and 87.6% in 2021 alone. Therefore, it is prudent that you review your insurance policy to ensure the reinstatement costs are accurate in the current market. Being underinsured could be detrimental to your family or business. The figures today, demonstrate that for many, this could lead to a serious shortfall between what the insurance company pay out and what would actually be required to rebuild your home/business should such a disastrous event occur.