Now is the perfect time to think carefully about your Sums Insured. The recent unfortunate and devastating storms and floods across the South East has highlighted a huge problem with underinsurance, particularly for home, contents, commercial property and business insurance policies.
“What is your “Sum Insured?” This will represent the maximum amount your insurance company will pay. If you are underinsured, you can be penalized in the event of a claim – and then in reality, you have paid for an insurance policy that doesn’t cover the full cost of replacing your property/assets. This can lead to a large financial impact on you, your family or your business.
Factors that also contribute to being underinsured:
In the event of a major claim, it’s important to be adequately insured, otherwise you may find yourself in a difficult situation unable to rebuild and get back on your feet to your pre-loss position. The realisation that you didn’t have enough Insurance is often heartbreaking for many, and whilst a portion of the claim could be covered, somehow you’ll be up to finding the rest. This is why the value you place on your home, contents, cars, commercial buildings / property / contents, is so important, and will help you sleep at night getting this right.
As we learn through every major catastrophe, it’s important to review your Sums Insured each year before you renew based off last years figures. A lot can change in a year!
If you wish to discuss and review your Sums Insured with your Adviser, please contact Austbrokers Comsure on 1800 122 194.
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