About 60 per cent of Aviva Insurance Ireland’s home insurance customers have not increased their rebuild costs in the past three years. Photograph: John Gollop
“Underinsurance is a huge issue,” he said. “You might, of course, say that we’re just looking for more premiums, but this is a real issue if a place burns down.” The Central Bank wrote to the heads of the country’s insurers in late 2022 warning them of the risks posed to consumer of not having sufficient home insurance cover as construction costs were on the rise. It directed insurers to ensure customers are properly informed of these risks when they take out or renew policies.
A common point of confusion is the so-called average clause that applies to most home policies, which can reduce the money paid out against a claim by the proportion to which a policyholder is underinsured.
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