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You should look to insure your building for the the present day rebuilding cost.
This is not necessarily the price that was paid for your building or the current market value of the property. You should make allowances for additional costs such as demolition, removing the debris, asbestos removal, professional fees, VAT, and rent. Otherwise you may find that you’re under-insured.
We recommend that you get your building valued every 3 years to ensure that your policy covers exactly what you may need.
You should consider arranging appropriate buildings and contents insurance cover so that your buildings and contents would be covered when hiring out the building to others.
If you rent out your building to playgroups or other such groups, you may lose income whilst you wait for your building to be repaired. You can protect your income by taking out loss of revenue insurance. You may also need to consider cover for loss of rent receivable.
As well as the cost of repairing your building, there could also be costs in hiring or renting alternative premises while your building is being repaired. Rather than paying for this out of your funds, it can be covered under business interruption insurance.