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Why it’s Important to Insure Your Property for the Right Amount


If you insure your buildings, equipment, and contents for the wrong figure, your insurer may not pay the full amount of any claim you make. This is the case even with a partial loss – if the overall sum insured is too low, insurers can apply “average” and reduce the claim settlement figure in proportion to the level of under-insurance.

This Adviser document sets out the insurance position, highlights some common errors in calculating sums insured, and explains how to check you have the right figures in order to safeguard your position.