If you are under insured do they not just reduce the claim amount by the under insured bit? E.g. 15/20%.Don't get me wrong, I'm not saying that your source is inaccurate, just what happened in our case. There was no flexibility with RSA but I was told that AXA would have been flexible. Not worth the risk of being underinsured, in my opinion.
Exactly!If you are under insured do they not just reduce the claim amount by the under insured bit? E.g. 15/20%.
We are with RSA through BOI mortgage. Never claimed on the policy and over 16years with them. We have been advised to increase by €27k before next renewal.Don't get me wrong, I'm not saying that your source is inaccurate, just what happened in our case. There was no flexibility with RSA but I was told that AXA would have been flexible. Not worth the risk of being underinsured, in my opinion.
It's not the assessors job to determine if you're under insured or not or to what level the payout will be, some of the contents of their report will inform those decisions, but they have no say.I think at the end of the day it really depends on who is inspecting the damage in the house and how they value the work needed to be done.
Would the insurance companies assessor have a rebuild figure in their mind based on the house and contents?It's not the assessors job to determine if you're under insured or not or to what level the payout will be, some of the contents of their report will inform those decisions, but they have no say.
The assessor will provide details of the property, it is the insurance company who will then decide on whether you are sufficiently covered. The odds are greatly stacked in their favour .Would the insurance companies assessor have a rebuild figure in their mind based on the house and contents?
You have an insurance based on rebuild and content cost you have provided. They would compare what you are insured and what they think the overall cost would be for rebuild and if your figure is less then theirs they would decide if they will pay out or deduct a percentage based on the under insured amount.
The insurance is not solely for building, it takes in burglary, is the cost of burglary also gone upWith a huge increase in building costs in the last year (materials, labour and a shortage of builders) I’m wondering what impact this has on house insurance policies?
Are building costs automatically increased with inflation for insurance purposes or should we all be increasing the rebuild costs on house insurance policies?
My insurance rebuild costs were x when policy was taken out. Rebuild costs are now y or z.
What if my house burns down in the morning. Am I now under insured?
Burglary would impact on the premium rating for Contents cover, which is listed separately to Buildings cover.The insurance is not solely for building, it takes in burglary, is the cost of burglary also gone up