Recent research conducted into levels of home insurance could mean that over 60% of homeowners could be underinsured.
The research showed that almost half of homeowners surveyed had bought additions to their home over the last 12 months but over 60% had not revised their insurance cover.
Our View:
Some insurance policies from large companies only offer contents cover upto £50,000. This might not be enough for some, meaning they are under insured, should the worst happen. We would suggest that people contact their insurers to find out the amount of cover they have and increase it if it is too low. Be realistic with the value of your possessions and make sure you account for the cost of having to replace items as well, not just their value.
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