Chaucer warns on underinsurance with construction costs at record highs
With rebuild costs 10.4% higher than a year ago, an average property insurance policy set to cover £1m could now be short for the full rebuild value, Chaucer has warned.
The insurer noted that the UK Construction Material Price Index had measured the increase in the year to 31 January.
Chaucer cited that the rise had been driven by increases in the price of insulating materials (41%), gravels and sands (20%), and concrete products (16%).
It also flagged that a combination of soaring energy prices following the Russian invasion of Ukraine and a 6% increase in worker wages, as recorded by the Office for National Statistics, in the past year is pressuring
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