Lets Spring Into Action . . . .
Is your home your most valuable asset? Is your home under insured?
Up until last year it’s been normal to insure your home on the basis of total replacement cover. You would provide information to your insurance company about the size of your home and, if it was destroyed, then your insurer would arrange to demolish and rebuild you a new dwelling to the same size and specification as it was before. There was no limit on the amount your insurer was required to spend in order to replace your home.
Over this last year Insurance companies now require you to specify a “sum insured“ for your home. If your home is damaged or destroyed then the sum insured is the maximum amount the insurer will be prepared to spend to rebuild your home and this needs to include the demolition and professional fees associated with the rebuild.
Can you believe only 39% of people reviewed and changed the sum insured amount following these changes. The other 61% percent of people have agreed to run with the default sum insured amount that was calculated by their insurer, in the event of a total loss could this number be too light to front the cost of a rebuild?
If you think your home is under insured, please contact us. As your Adviser it is our responsibility to you to make sure you have the right cover in place.
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Premier Group Insurance