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Insurance Policy Review | Avoid Dangers of Under Insurance

 Insurance Policy Review can prevent nasty surprises when making a claim - shocked woman reading a letter An insurance policy review carried out by an independent consultant can help you determine whether you have a sufficient level of insurance cover for both your buildings and your home contents. Under insurance can cost you dearly. Don’t risk losing thousands in compensation for the sake of saving a hundred Euro in insurance costs. 

The Dangers of Under Insurance

If you are wondering why your insurance claim was denied or you got paid out much less than expected, under insurance could be the reason.

We are contacted on a daily basis by distressed home or  business owners who got paid only a fraction of their insurance claim. In many cases this is due to being under insured.

Policy holders often reduce the sum insured in order to reduce the cost of their insurance premiums. Unfortunately, this is often to their detriment as in case of a loss, they are only entitled to the proportion of the claim settlement, due to the “average “ clause.

The small print included in the majority of property policies includes a clause, which allows the insurance company to deduct a percentage of the claim settlement in application of average.

The Average Clause

Here how the Average Clause works. Following a loss e.g. fire, an Insurance Loss Adjuster appointed by your insurance company will arrive and measure the property. He will then apply the applicable insurance rate per square meter and add in for outbuildings, extras, fitted wardrobes etc.

If they find that the sum insured is adequate then no deductions are made. If the sum insured is inadequate (you are under insured), they will apply the “average clause” to your insurance settlement.

Average is used to determine the amount your insurance company is liable for following a loss and it is calculated as follows:

  • Let’s assume that Value at Risk of your house, as outlined by the Society of Charted Surveyors, is €300,000 (this depends on a number of factors)
  • Your Sum Insured as specified in the Insurance Policy  is actually €200,000. You are therefore under insured by €100,000
  • Let’s assume that a fire occurs and nearly half of your house is destroyed.
  • As per builders quotes, to have it re-built/repaired it will cost you €120,000. You therefore file an insurance claim for €120,000
  • Unfortunately, as the Sum Insured is only €200,000 instead of €300,000, the insurance company assumes that you are responsible for 33% of the risk on this property. They therefore are only liable to pay our 67% of the claim (this is the average clause)
  • In result you lose €40,000, just because the property was under insured.

This also applies to the contents section of your policy.

Get a Policy Review and Prevent Under Insurance

We are dealing with insurance claims on a daily basis and in the current economic climate insurers are looking for ways to reduce or refuse cover at every opportunity. It is extremely difficult to get your full entitlement following a loss even when you have 100% adequate cover, so it makes it even more difficult if you are under insured.
Insurance policy cover review to avoid under insurance

In order to avoid the above scenario, it is prudent to get a policy review carried out every year and update your Sum Insured if there are any changes to the value of your property or your home contents.

We offer a full domestic insurance policy review and property survey (also known as value at risk survey) for only €150 + VAT. This includes a written report and recommended changes to your insurance policy to ensure that you or your family are not at risk. We also carry out Value At Risk Survey for business insurance. Phone us for a quotation.

We are not affiliated to any insurance company and can give you impartial advice. Get a review of your insurance policy and avoid under insurance. Call Trevor Kelly on 086 357 1713

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Policy Review - Callback Request
Don't risk underinsuring your home - Get a proper property valuation by a qualified Building Surveyor and Insurance Claims Expert

I am highly experienced Public Loss Assessor, Building Surveyor and Insurance Claims Expert. I Can Help With Determining How Much Should You Insure Your Home or Business For.

I can carry out a policy review for the average 3 or 4 bedroomed property for as little as €150 + vat. You will receive a written report  recommending correct levels of insurance cover within 24 hours. I also carry out valuations for business and commercial properties. (Rates available on request)

Contact me on 086 357 1713 if you require any advice or send a callback request by filling out the form below.

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Water Damage Claim: Trevor is very good at what he does and it’s a magnificent service he offers…I was delighted with the settlement. Read more …
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Contact Details

Insurance Claim Solutions

Golf Rd, Rush, Co. Dublin

 

Mobile: 086 357 1713 Phone : 01 870 9210

 

We are registered as Public Loss Assessors and fully regulated by the Central Bank of Ireland

Google Reviews
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Allish Oconnor
Allish Oconnor
20:34 04 Apr 20
Thank you Trevor so much for all your help with my recent... insurance claim. Trevor looked after all paperwork and communication with my insurance company. The claim was processed very efficiently and was totally stress free for me, considering that we had a serious leak in the house. Trevor actually recommended a builder to complete the work and we are extremely satisfied with the job. Do not hesitate to contact Trevor if you find yourself in the need of accessing your insurance! All the best Trevor.read more
Mar O'Donoghue
Mar O'Donoghue
13:08 30 Mar 20
Excellent service. Very difficult case arising due to water... egress from damaged pipe work causing significant subsidence. Insurers attempted to frustrate the claim, without Trevor's help we would never have been able to navigate the claims process successfully. We are forever grateful and would never attempt a home insurance claim again without engaging Trevor first. We cannot recommend his services strongly enough.read more
Antoinette Tierney
Antoinette Tierney
19:18 20 Mar 20
Thanks a million @insurance_claim_solutions_ for looking... after my mam and dad insurance claim after a flood wrecked their bathroom and sitting room. Thank you Trevor for making sure she got fixed up even after the job was finished they would have had no idea how to claim and probably would have left it without claiming, and you took over everything for them. They now have a beautiful wet room which is a godsend to my elderly parents I would highly recommend you in the future and have passed your number on. Thanks again for making a huge difference to their lives greatly appreciated From Antoinetteread more
Miryam Harris
Miryam Harris
09:36 21 Feb 20
Trevor was recommended by our neighbour when we had a water... leak before Christmas. He was just amazing from start to finish and took the hassle way from us having to deal with the insurance company. At all times he was very professional, knowledgeable and courteous. The whole process was seamless from start to finish. I would highly recommend Trevor from Insurance Claims Solutions to anyone.read more
Fidelma Heeney
Fidelma Heeney
14:27 20 Feb 20
Trevor assisted with a claim due to a flood which caused... quite an amount of damage to the property. His calm knowledgeable presence reassured me throughout the process. His professionalism and attention to detail was exceptional and nothing got overlooked. I cannot say enough positive things about his way of working and cannot recommend him highly enough.read more
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