Underinsurance: The silent threat to UK homeowners and how brokers can help combat it
Insurance brokers are well-positioned to collaborate with insurers to combat the underinsurance gap in the property market. Stuart Heath, head of delegated property at Tokio Marine HCC offers his four point plan as to how they can do this.
When listing the potential threats to your property, underinsurance very rarely makes it onto the list for homeowners.
Yet with 82% of residential properties in the UK being underinsured according to RebuildCostASSESSMENT.com, it poses one of the biggest financial risks in the event of a claim and is set to worsen over the next five years with claims inflation projected to reach between 8-11%.
While many property owners are keen to keep abreast of their home’s market value, they frequently neglect
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