The most dangerous number on an insurance policy is often the one everyone believes is accurate.

Every day, brokers and property owners make decisions based on rebuild values they assume are current. The problem is that construction costs don't wait for annual renewals, quarterly reports, or market consensus.

Material costs move. Labour costs move. Fuel costs move. Supply chains move.

Yet many insurance decisions are still being made using data that is already months out of date.

In 2020, while much of the market expected Covid lockdowns to reduce construction costs, our data was telling a different story. We increased inflation provisions in our rebuild valuations well before the wider market reacted.

When construction costs surged over the following two years, our clients were already protected.

Underinsurance is rarely caused by one bad decision. It is usually the result of good people relying on outdated information.

As brokers, our responsibility is not simply to accept the number. It is to challenge whether it still reflects today's rebuilding reality.

Because underinsurance doesn't start with a claim.

It starts the moment an outdated rebuild value is left unchanged.