With a variety of factors influencing the insurance landscape, insurers are taking a more detailed approach to risk. This means it’s more important than ever to ensure your insurance arrangements are accurate and reflect your current needs.

Here are some key considerations to help you when your policy is due for renewal this year.

Understanding Insurers changing approach to risk

Insurers are increasingly focused on adapting their underwriting processes to the changing risk landscape, and we have recently seen a number of insurers backing out of certain markets and excluding particular covers.

For example, in the last couple of years, areas of the UK not previously known to flood have, pointing to climate change. Insurers are reviewing these geographical changes carefully and properties previously considered low risk may now face increased scrutiny or higher premiums.

Insurers are also looking at broader risks, including changing cyber threats, supply chain vulnerabilities and business continuity challenges.

Accurate Sums Insured

One of the most critical aspects of your renewal is ensuring your sums insured are accurate and up to date. In the event of a claim, underinsurance can result in reduced payouts, leaving you with unexpected costs to cover. Since the COVID pandemic, inflation and supply chain pressures have continually led to increased costs for rebuilding, repairs and equipment replacement.

It’s important to make sure your sums insured are accurate and supported by up-to-date valuations. Valuations involve assessing the current value of assets, property rebuild values or other insurable items. By conducting regular valuations, policyholders can ensure that their insurance cover accurately reflects the current replacement value or rebuild costs. Property rebuild valuations start from just £136 inc VAT. Please contact us if you would like to be introduced to our professional valuation partner.

Personal Contents Underinsurance

Underinsurance of personal contents is a growing concern that can leave individuals vulnerable in the event of a claim. Many people underestimate the value of their possessions, failing to account for rising replacement costs due to inflation, the rise in gold values for example and other high-value items. This means that in the event of theft, fire or other covered events, the payout received may fall significantly short of the actual cost to replace belongings. To avoid this, it’s essential to conduct a thorough inventory of your home’s contents, obtain up-to-date valuations and ensure your policy reflects the true value of your listed possessions. Most insurers recommend jewellery and watches are valued every three years. Again, please contact us if you would like to be introduced to our private client valuation partner.

Our priority is to ensure you have the right insurance cover in place

By proactively managing these risks, you can avoid costly claims and disruption – and also strengthen your position with insurers by demonstrating robust risk management practices.

Preparing for your insurance renewal is about more than just ticking a box. We will contact you up to 3 months prior to renewal. Early engagement allows time to review your requirements thoroughly.

We will:

• address any gaps or changes in your existing cover.
• ensure your cover aligns with your business activities and future plans.
• negotiate with insurers on your behalf to secure the best terms and premiums available or re-negotiate terms with your existing insurer.

We hope you found this guidance useful. As always if you have any questions about your insurance at any time of the year, please contact us on the details below:

Gary Philip 020 3907 7866   gp@gpsib.com
Jon Schryer 020 3907 7869   jhs@gpsib.com
Carly Lecount 020 3907 7867  cl@gpsib.com
Steven Barron 020 3907 7868   sb@gpsib.com