December 23, 2015 | 5years | Insurance News
Taking out home insurance can be a complicated process, but it's important to ensure that you get the right level of cover; otherwise you could be in for a nasty surprise if the worst was to happen.
However, it appears that some homeowners could be putting themselves at risk of such an outcome, with many miscalculating the rebuild cost of their homes, leaving them underinsured as a result.
Knowing the rebuild cost
The rebuild cost of a property is the sum required to completely rebuild your property if it was damaged beyond repair. Confusingly, this is not necessarily the same as the value of your house, as this figure will also include labour costs and the price of materials. However, research by SunLife found that a staggering 67% of survey respondents didn't know the rebuild cost of their home, and more than a third (35%) mistakenly assumed it was the same as their house value.
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