BCIS study reveals nearly a third of UK home insurance policies are incorrect
Homeowners may have paid the wrong premium for their buildings insurance if they insured for market value rather than rebuilding cost, according to The Building Cost Information Service (BCIS).
Among others, a study from Confused.com recently revealed that 30% of people insure their homes for current market value.
The BCIS research has shown that, if this practice was conducted across the UK, 58% of properties would be over-insured, with homeowners paying an average of £140 more premium than necessary while 21% would be under-insured with an average shortfall in cover of £40,000.
The BCIS has highlighted London as the area at highest risk of over-insurance with homeowners on average
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