EPC Retrofits: A Costly Insurance Surprise?

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As the UK gears up for energy efficiency upgrades, insurers are sounding the alarm on a potential "ticking time bomb" for landlords and homeowners.

With a whopping 76% of UK properties already underinsured, the push for better Energy Performance Certificates (EPCs) could leave many facing unexpected costs.

RebuildCostASSESSMENT, an insurance firm, warns that while energy upgrades are eco-friendly, they could lead to serious insurance issues if policies aren't updated. Underinsurance means you might not get the full payout when making a claim, leaving you to cover the shortfall.

The drive for improved EPCs in England, Wales, and Scotland's proposed Heat in Buildings legislation means significant retrofits are on the horizon. These upgrades, like high-performance insulation and efficient glazing, are great for energy savings but come with a hefty price tag.

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A company spokesperson highlights that these changes could increase rebuild costs, making it crucial for property owners to reassess their insurance coverage. Missing this step could result in being seriously underinsured, especially as even mid-sized retrofits can boost rebuild values.

So, while retrofits bring many benefits, don't let underinsurance catch you off guard. Ensure you get a rebuild cost assessment post-upgrade to keep your coverage up to snuff and avoid any nasty surprises!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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