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Insuring your property to the full amount it would cost to replace it is the best protection in the event of a loss.

For property, this is not the same as a real estate value. It is what it would cost to rebuild the property as a priority project after a loss. Remember that usual economies of scale or scheduling are not available for a rush, unplanned reconstruction. Building materials may not be readily available and a premium must be paid to obtain necessary skilled workers. The builder will also incur expenses for clean up and demolition even before any re-construction can begin.

Some policies also include penalties if coverage amounts do not equal actual replacement costs. The best recommendation is always to insure to full value, to ensure there will be adequate protection whatever the degree of damage.

Your FCA broker can help you determine what the appropriate insurance amount should be, and can arrange with your Insurers for an evaluation of your property. If you are unsure of values to be covered, we can assist by arranging for appraisal by a professionally certified appraiser.