In the ever-evolving landscape of property insurance, staying informed and up-to-date is paramount. Emily Thompson, a seasoned journalist with a keen interest in the insurance sector, recently sat down with Alex, a well-respected expert in property insurance assessments. Their discussion centred around the critical services offered by Focus 360 Energy, particularly their Reinstatement Cost Assessments (RCEs), and how these services equip property owners with the peace of mind they need.
Focus360 Energy: property compliance services – pre-planning to post-construction. Learn more.
As the conversation unfolded in a sunlit corner of a bustling café, Alex began by emphasising the importance of regular updates to the sum insured on properties. “It’s not just a box-ticking exercise,” Alex noted, “Keeping your insurance coverage accurate and current is crucial to avoiding the pitfalls of both under-insurance and over-insurance.” He explained that regular assessments, ideally annually for inflation and every three years for major reviews, are not optional but essential, especially when significant changes are made to a property.
One of the key highlights of the conversation was the concept of reinstatement valuation. Unlike market value, which reflects what your property might sell for, reinstatement valuation is all about ensuring your property is insured for the right amount to cover reconstruction. This includes costs for demolition, site clearance, materials, labour, and professional fees. Alex pointed out, “Many property owners mistakenly believe market value and insurance value are the same, but they couldn’t be more different. A reinstatement valuation is what truly protects you in the event of a loss.”
Focus 360 Energy, Alex shared, excels in this domain by offering expert and independent advice tailored to the unique needs of each client. “Their team conducts meticulous Reinstatement Cost Assessments on a building-by-building basis,” Alex explained. This attention to detail ensures that every element of a property’s potential risk is analysed, offering a comprehensive picture that aids in negotiations with insurers. Such thorough assessments are particularly crucial when dealing with specialist or unique buildings, including listed structures, which often present additional challenges.
When asked why Focus 360 Energy stands out in the crowded field of insurance services, Alex didn’t hesitate. “Their proven track record speaks for itself,” he said. “They handle hundreds of valuations annually across a diverse array of sectors. This breadth of experience means they can anticipate and address the unique challenges of each project.” He also mentioned the strategic advantage their clients gain during negotiations with insurers, thanks to the detailed data and insights provided by these assessments.
The conversation also touched on the potential pitfalls of under-insurance. Alex highlighted the Condition of Average Clause, a common feature in many insurance policies. “If you’re under-insured, you might find that, in the event of a claim, your payout is significantly reduced,” he warned. “Focus 360 Energy’s assessments help prevent this by ensuring full coverage.”
Throughout their discussion, Alex’s insights painted a clear picture of the value and necessity of services like those provided by Focus 360 Energy. For property owners, ensuring that their assets are correctly insured is not just about compliance but about safeguarding their investments against unforeseen events. As Emily wrapped up their conversation, she was left with a deeper understanding of how crucial it is for property owners to engage with experts who can guide them through the complexities of insurance coverage.
In today’s world, where the unexpected can happen at any moment, having the right insurance coverage is not just a safeguard—it’s a necessity. Thanks to the expertise of industry insiders like Alex and the services of companies like Focus 360 Energy, property owners are better equipped to navigate these challenges with confidence.
Find out more at Focus 360 Energy
Be the first to comment