A leading UK insurer has issued warnings to homeowners about under-insurance. It estimates that 65 per cent of home contents insurance holders only estimate rather than accurately calculate the true value of their possessions – leaving them under-protected.
According to NFU Mutual, some homeowners deliberately under-estimate the value of their contents in a bid to cut the price of their premium. It warns that this is a false economy and could mean they lose out in the event of a claim.
The company also reported that 32 per cent have never reviewed or altered their contents cover. It highlighted the need to review or amend policies on a regular basis to take into account changes in circumstances.
Under-insurance is one area where a professional firm of loss assessors can help in the event of a claim. Morgan Clark has worked with a number of people who have not had adequate insurance: in many cases, the result has been significantly better than originally envisaged. Find out more by contacting us.