NU warns of property underinsurance
Property owners are putting themselves at risk of facing huge costs by not insuring their properties to the full reinstatement value, Norwich Union (NU) has warned
A sample of 128 valuations carried out by the insurer revealed that 86% of those properties surveyed were significantly underinsured, with the difference totalling £314m.
Mike Colmans, property owners underwriting manager for NU, said: "Having accurate sums insured on a property is vital to guarantee receiving the full amount in the event of a claim. As many as 50% of claims for damage to buildings are being settled below the cost of reinstatement, which could have a significant impact on
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