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As an insurance broker of considerable vintage I am fairly immune to allegations that all I am trying to do is to sell more insurance, when introducing new risk exposures or coverage concepts. Rarely is it admitted that my intentions are honourable - even if they are aimed at protecting my client.

On this occasion, I am actually counselling property owners to consider reducing their insurance costs by looking seriously at the building reinstatement values - an important element in the formula by which premiums are calculated. This advice is not based on some attempt to make myself loved, alas, but rather following discussions with several major firms of valuers, backed by data produced by the RICS.

In essence, the cost of building has fallen quite substantially over the past few years and few policy holders have taken advantage of that by reducing sums insured commensurately. The inevitable outcome is that too much premium is being paid. For more background, see the most recent column in Property Week.

This is an appropriate moment to mention the difference between investment values - which, sadly, have also fallen during the same period - and reinstatement values. Many property owners still mistakenly insure for the latter but the policy is designed to meet the costs of reinstatement of the building, usually together with cover for loss of rent, following damage. It is well worth checking that the right figure is being used to avoid any complications if a claim occurs.