With such wide-ranging cover available, it is essential that all elements that make up ‘buildings’ as defined in the policy are allowed for and included in the valuation. These include dwellings, garages, day rooms, common parts and lifts. The insurance policy may also allow for external items such as car parks, lamp standards, hedges, walls and fences.
Allowance also needs to be included for increases in cost related to compliance with current building legislation. In addition, policies should be index-linked to protect against inflation.
All this responsibility sits with the management company.
So, how can the you fulfil your obligations?
For a relatively modest fee, peace of mind can be obtained so that, in the unlikely event that disaster strikes, you can focus efforts on rebuilding, not trying to raise funds to finance the underinsurance shortfall.
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