Properly maintaining your property documents will help ensure that your future property transactions run smoothly and that you are complying with the terms of any mortgage you have secured against your property. Having appropriate buildings insurance in place will also help protect you in the event of future claims.
It is important that your buildings insurance is correct to ensure the partnership has adequate cover and to ensure that the policy complies with the requirements of your mortgage lender. Failure to have correct cover in place may lead to a breach of your mortgage conditions and may lead to a number of issues in the event of a future claims.
In order to be correct, your buildings insurance should:
We frequently encounter GPs who have buildings insurance up to the current market value of their property when their mortgage requires that the property is insured to its full reinstatement value. Even if you have previously insured for the full reinstatement value of your property this value may have increased significantly over the last few years as a result of recent increases in construction costs. You can instruct a surveyor to help you to assess the reinstatement value of your property for insurance purposes.