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      By Matthew TiltJune 20, 2025
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    ‘Potentially devastating’ implications of underinsuring buildings

    Matthew TiltBy Matthew TiltMarch 29, 20232 Mins Read
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    H & H Insurance Brokers. Chris Clement, Commercial Director: 4 August 2021 Copyright Stuart Walker Photography

    Farmers across the UK are being warned about the financial consequences of not insuring their properties for the correct amount, as rebuild costs continue to rise.

    The price of materials is increasing due to disruptions in the supply chain and the pressures of inflation, and a growing number of people are now unaware that rebuild costs may significantly exceed what buildings are insured for.

    In 2022, Aviva, in its Risk Insights Report, estimated that half of the UK’s small to medium-sized enterprises are underinsured, with 40% of buildings underinsured by 20%.

    Chris Clement, commercial director for H&H Insurance Brokers, said: “Many businesses have existing insurance policies in place for their buildings which they believe covers them for a full pay-out if anything does go wrong.

    “But with the way the prices of building materials have risen, the actual cost of rebuilding after any sort of damage may have doubled or even trebled in some instances, so what they are finding is that the value of the building has risen and the sum the insurer is paying out doesn’t cover the full amount of the rebuild.

    “This is hitting a lot of businesses across the UK hard in their pocket and can be potentially devastating to businesses but, by raising awareness of the problem, we hope to make this dilemma a very rare one for people across the country.

    “Seeing your building destroyed by a fire or partially damaged by strong winds is traumatic enough and learning that you will only get a certain percentage of the rebuild costs through the insurance pay-out is a stress you can really do without.

    “Making sure you are correctly covered is paramount and it’s why your broker must ensure every detail of the policy is accounted for to avoid this disappointment.”

    The most common reason for underinsurance was cited as a failure to conduct regular valuations.

    Mr Clement said: “When renewing policies, I think it is essential for your broker to visit the property and analyse the items which they’re looking to cover so they can get a more realistic and accurate picture of the level of cover required.

    “During Covid when site visits weren’t allowed, many fell into the habit of carrying out reviews over the phone but I recommend that this type of review is kept to a minimum.”

    For more information go to www.hhinsurancebrokers.co.uk

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    Matthew Tilt
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    Machinery editor for Farm Contractor & Large Scale Farmer. Matt has worked as an agricultural machinery journalist for five years, following time spent in his family’s Worcestershire contracting business. When he’s not driving or writing about the latest farm equipment, he can be found in his local cinema, or with his headphones in, reading a good book.

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