Many policyholders unaware of the building costs of their own house
A recent report on house insurance cover shows that twenty per cent of respondents are unclear about the costs involved in building their property from scratch. The survey carried out by a national insurer reveals that these people are either over or under insured on the rebuild sums – the amount that would be needed if the policyholder’s home had to be completely rebuilt.
Most striking from the research is that just over four in five of participants have their buildings insured on their policies, with a similar percentage having cover for the contents. The remaining cohort said they either did not have the home itself insured (15%) or did not even know if they had insurance in place (4%). Those without buildings insurance gave various reasons as to why they did not have cover. For some whose properties were built near a body of water, getting a quote is problematic as many companies are unwilling to take on such risks.
On the other hand, the lack of affordability was a key reason for those forgoing insurance on the property. With annual premiums among respondents averaging €500, it is understandable that some may not have buildings cover because of the fact they simply do not have the money. Even those who have their home insured may be paying over the odds – or worse. Indeed, one of the findings shows that just a quarter of all those who partook in the research were fully aware of the right rebuild cost.
If are you are paying too much for house insurance but are unsure of the costs required to fund re-constructive building, have a chat with our advisors who can consult you. Armed with an accurate rebuild cost for your property, you can save money on your policy while having the right level of cover in place.
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