Ensure extra stock is insured

If you are stockpiling items in high demand and short supply, such as fence and decking timber, make sure you are insured. Ben Rickard from BuiltIn gives the lowdown

You may have read about and even experienced the problems with goods getting into the country at the moment. This is partly due to Covid-related delays to shipping and backlogs at ports. Covid lockdowns and the same issues with logistics have had a flow on effect upstream as well, with production inputs and raw materials running low. Some relevant examples include white paint and the chemicals that go into wood stain and timber treatment, causing those items to run short here in New Zealand.

Some of you may be tempted, as a number of our clients have been, to stock up when you can on these materials. That way, if merchants run out, at least you have some on hand and you can get by. The value of this stock on hand can soon mount up, so you need to make sure it is covered by your insurance. Building materials are exposed to the usual risks of water damage, fire etc. And, because they are in short supply, with prices rising every other week, they are an increasingly attractive target for thieves too.

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