{"id":189773,"date":"2025-04-17T23:04:10","date_gmt":"2025-04-17T23:04:10","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/are-you-underinsured-eicinsurance-co-uk\/"},"modified":"2025-04-17T23:04:10","modified_gmt":"2025-04-17T23:04:10","slug":"are-you-underinsured-eicinsurance-co-uk","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=189773","title":{"rendered":"Are you underinsured? – eicinsurance.co.uk"},"content":{"rendered":"


\n<\/p>\n

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Did you know that in 2022, fewer than one in ten properties are sufficiently insured? To ensure your cover is right, it\u2019s worth having a conversation with your broker or insurance provider.<\/p>\n

<\/p>\n

You\u2019ve likely heard some terms flying around, so we\u2019ve taken the liberty of spelling these out in clear language.<\/p>\n

Sum Insured<\/h2>\n

When you insure a building, you are responsible for determining the amount you want to be covered for, or the sum insured, based on how much it would cost to rebuild your entire property from scratch. Your insurer will decide how much to charge you for the insurance based on this amount.<\/p>\n

The building\u2019s sum insured is the maximum amount of money your insurer will pay out if you claim on your Buildings Insurance. This includes the cost of professional fees such as architects, demolition costs and labour.<\/p>\n

Average Cause<\/h2>\n

If you insure your property for less than the re-build value, the average clause determines how much your insurer will pay out when it comes to making a claim.<\/p>\n

For example, if you insured a property that would cost \u00a3600,000 to rebuild for \u00a3480,000, you are underinsured by 80%. Due to this, the average clause dictates that whenever you claim on your policy, your insurer will only pay out a maximum of 80% of any claim you make.<\/p>\n

No matter how small the claim is, you will always be subject to that 50% limit. Therefore, if you claim for \u00a35,000 you will receive a maximum of a \u00a34,000 payout.<\/p>\n

Index Linking<\/h2>\n

If index linking is applied to your policy (this can be done at no extra cost to you), your sum insured will increase at each annual renewal to match inflation. This means that your policy will still account for the inflationary rise in the cost of materials and labour.<\/p>\n

How to avoid underinsurance<\/h2>\n

As well as reviewing your Buildings Insurance annually, it\u2019s important to review your insurance any time you make a significant change such as a renovation or extension. At EIC Insurance we work with RebuildCostAssessment.com to provide you with an accurate valuation of your property, at a discounted rate. To find out more, just give us a call on 01442 286 910 or alternatively Contact Us.<\/a><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Did you know that in 2022, fewer than one in ten properties are sufficiently insured? To ensure your cover is right, it\u2019s worth having a conversation with your broker or insurance provider. You\u2019ve likely heard some terms flying around, so we\u2019ve taken the liberty of spelling these out in clear language. Sum Insured When you […]<\/p>\n","protected":false},"author":1,"featured_media":189774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[74128,11034,72835,38715],"dealstore":[],"offerexpiration":[],"class_list":["post-189773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-eicinsurance-co-uk","tag-insurance","tag-insurance-advice","tag-underinsured"],"yoast_head":"\nAre you underinsured? - eicinsurance.co.uk - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=189773\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are you underinsured? - eicinsurance.co.uk - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Did you know that in 2022, fewer than one in ten properties are sufficiently insured? 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