We take a closer look at ‘Underinsurance’.
When it is time to renew your insurance policy, your insurer will ask for the replacement value of the contents of your home and the reinstatement cost of your building, however most people are unlikely to be experienced in calculating such costs.
Our high net worth clients can avoid any concern about underinsurance as with a new policy or renewal, we can arrange fully funded buildings surveys and contents appraisals through our panel of expert insurers, says Jelf Clark Thomson High Net-Worth Advisor Fiona Macleod.
If your insurer determines that you have been underinsured, they may choose to apply average to your claim. This means that if you are deemed to be underinsured by 50% your insurer may only be liable to pay out 50% of your claim.
In our video blog, Fiona explains the what and how to of underinsurance as many may be unsure what this actually means. Watch our video blog and find out more.
We’ll be exhibiting at the Scottish Game Fair, Scone Palace 29th June – 1st July, if you are attending please pop by Stand O16 to discuss protecting your most valuable asset in the best possible way or book your meeting here.