Brokers point to rising risk of underinsurance
The main drivers of underinsurance in the non-standard market are incorrect property valuations or lack of awareness about reinstatement costs, according to a survey of brokers.
Together, these factors were cited by more than three-quarters of brokers (76%) when polled by managing general agent Prestige Underwriting.
Customers cutting cover to save money was flagged by just under a quarter (24%) of the cohort.
The MGA’s research was conducted with 98 brokers involved in the non-standard markets and concluded last month.
Non-standard constructionBrokers identified the property types most vulnerable to underinsurance are:
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