Safe and sound, no matter the weather
Featured Products Promotional FeaturesPosted by: Dental Design 27th February 2024
Extreme weather events are feeling more common, and more extreme, with each passing storm and heatwave. The Met Office named 12 separate severe weather events in 2023,[i] and 2024 followed suit with the early parts of the year bearing the effects of the likes of Storms Henk, Isha and Jocelyn.
Up and down the country, property owners have had to manage the impacts of high winds and flooding, and will likely have to cope with the effects of heatwaves once again this summer.
Dental practice owners, and any clinician who owns another property, must consider the need for building insurance. The right policy would protect your investment in the case of weather damage, which could otherwise prove costly.
Ready for a rebuild
Whether you own a commercial or residential property, its likely that your mortgage provider would have asked you to take out building insurance. If not, you may have acquired it anyway, or you could be left thinking if it is necessary.
Building insurance covers any losses or damages made to the physical structure of your property. Contents insurance protects the abundance of equipment and items within your home or practice, but this will most likely not cover the value of the property itself. If you didn’t have the appropriate building insurance policy and were affected by flooding or high winds, you may be left out of pocket as you try to get your property back to a suitable condition – a practice could be deemed unfit for patients for quite some time after water damage to a surgery, for example.
When considering if the extra expense is necessary, it’s important to recognise that a home or dental practice is likely one of if not the biggest personal investment you will ever make. By choosing not to protect it, no matter how unlikely damage or complete destruction may be, you leave the security and value of your investment to an unpredictable future.
Protecting your pocket
The cost of recovering properties following harsh weather conditions can be excessive at times. Between 1 April and 30 June 2023, £782 million was paid out to help individuals cover the damage of fire, theft, weather, and other causes of damage – an equivalent of £8.6 million every day.[ii]
The average claim had risen by 24% from the prior year to £4,300, which is an indictment of not only the damage caused by 2022’s extreme weather, but also of the immense cost of repairing a property.ii
Without insurance, you would have to cover the cost of the invoice directly – running the risk of not having easy access to the money and compromising your finances.
Repairing a water damaged ceiling alone costs £1,550 on average, and water removal following a flood could be around £2,000.[iii] One rainy day could put your practice in a world of trouble, two could be detrimental if you aren’t prepared with suitable insurance, or money kept aside.
Preparing for the worst
The level of building insurance that suits you best will depend on a number of factors. These include your own financial capabilities, the value and history of your building, and what you require protection against.
It would be prudent to invest in insurance that covers the worst-case scenario: the need for a complete property rebuild. For a residential property, you may also wish to find a policy that covers the cost of temporary accommodation whilst you get back on your feet.
The rebuilding cost may differ from the market value of the site. If your property is especially valuable – if it is a listed building, for example – it is definitely worth seeking a professional valuation. A higher rate may be necessary if your building is made of non-standard materials (which is traditionally anything that isn’t brick or stone) or it has specialist architectural features.[iv]
If the property you are looking to insure is your practice, you may want to consider business interruption insurance too. This may be already added as part of your building insurance, dependent on your provider. For a busy dental practice, you will not only be covered for the repair or rebuilding of the site, but also any loss of income that comes with an unfortunate and unexpected event.
Luckily, dental professionals do not have to dig through the available building insurance policies alone to find what is right for them. With money4dentists, the group that has decades of experience supporting dental professionals, you can find the solution that best suits your needs, whether you are insuring a commercial or residential property. Through a free consultation, you can begin exploring your options, relying on our skills as we introduce you to the world of building insurance. Every decision is made straightforward and easy to understand, for your peace of mind.
Expecting the unexpected is the main philosophy behind building insurance. With a great plan in place, dental professionals can be assured that their livelihoods and homes are protected no matter where they are in the UK, even when the worst of the weather hits.
For more information, please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
Richard T Lishman
Managing Director of the 4dentists Group of companies
[i] Met Office, (2024). Past weather events. (Online) Available at: https://www.metoffice.gov.uk/weather/learn-about/past-uk-weather-events [Accessed January 2024]
[ii] Association of British Insurers, (2023). Home insurance payouts up 11% to help UK householders keep a roof over their heads. (Online) Available at: https://www.abi.org.uk/news/news-articles/2023/9/home-insurance-payouts-up-11/ [Accessed January 2024]
[iii] Checkatrade, (2024). Storm damage prevention and repair cost guide. (Online) Available at: https://www.checkatrade.com/blog/cost-guides/storm-prevention-repair-costs/ [Accessed January 2024
[iv] Association of British Insurers, (N.D.). Calculating your rebuild cost. (Online) Available at: https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/home-insurance/buildings-insurance/calculating-your-rebuild-cost/ [Accessed January 2024]
