Increased hybrid working and rents have left many commercial properties unoccupied. London alone has 20 million square feet of empty office space – a 20 per cent rise since 2020 and the equivalent of almost 17 Houses of Parliament.
Escape of water is not something that most homeowners think about until it happens to them. It is not reported in media in the same way as flooding, but the damage caused can be similar. The larger the property, the greater the danger of a problem going undetected.
The International Underwriting Association (IUA) has published a new fire safety insurance clause that insures cladding work completed under the government’s Building Safety Fund. The IUA, in collaboration with the Department for Levelling Up Housing and Communities (DLUHC), created a wording that protects against fire risks. The clause covers work completed under the government’s £4.5bn Building Safety […]
The change in weather patterns increases the risk of flooding in the UK. Flooding is now the most widespread natural disaster in the UK. With losses suggested at around £958m a year, the Association of British Insurers (ABI) and Flood Re recently underlined the importance of maintaining flood defences. Since 1998 there has been at least one […]
With the UK inflation rate hitting a 40-year high of 10.1%, the risk of underinsurance has rarely been higher. Insurers base property premiums on the rebuilding cost of properties, which is set to increase until at least the end of 2022. According to the Building Cost Information Service (BCIS) Materials Cost Index, the cost […]
