Can someone put my mind at ease here as my dad loves being overly anxious about everything and he's driving me nuts with this.
I can't access my home insurance policy documents right now as I'm waiting for Allianz to fix some registration issues I had with their site.
I own my own home (it was a new build that we moved into eariler this year), we used the the price available on the SCSI in order to estimate the rebuild cost. With the rising cost of materials and labour, my dad now insists that I'm underinsured due to a story of a story he heard from someone.
If I'm still within the time frame of the one year policy that we purchased earlier in the year, when we insured for the price estimated by the SCSI, in the event of needing to make a claim could Allianz tell me that "we're only paying out 75% of your claim because the cost of rebuilding has risen 25% and you're underinsured"?
I'm aware that I should ensure a correct valuation at the time of renewal and they may average a claim if I deliberately underinsured. But shouldn't a policy covering 100% of the rebuild cost (at the time of purchasing) cover you for 100% of the rebuild cost until the end of that policy?
I can't access my home insurance policy documents right now as I'm waiting for Allianz to fix some registration issues I had with their site.
I own my own home (it was a new build that we moved into eariler this year), we used the the price available on the SCSI in order to estimate the rebuild cost. With the rising cost of materials and labour, my dad now insists that I'm underinsured due to a story of a story he heard from someone.
If I'm still within the time frame of the one year policy that we purchased earlier in the year, when we insured for the price estimated by the SCSI, in the event of needing to make a claim could Allianz tell me that "we're only paying out 75% of your claim because the cost of rebuilding has risen 25% and you're underinsured"?
I'm aware that I should ensure a correct valuation at the time of renewal and they may average a claim if I deliberately underinsured. But shouldn't a policy covering 100% of the rebuild cost (at the time of purchasing) cover you for 100% of the rebuild cost until the end of that policy?