Homeowners Underinsured by 60%, Hiscox

July 25, 2001

A recent Hiscox study reveals that most high value homeowners have little idea of the true value of their home contents. The study compared 64 high value homeowners’ previous valuations with the new valuations assessed by an independent valuer.

On average, homeowners’ contents were underinsured by an average of 60 percent and nearly one-third (31 percent) were underinsured by at least 100 percent. All of those researched found their home contents had changed value since their previous assessment and only 21 percent found their previous valuation was even close (within 10 percent) to the new one. Only one quarter (26 percent) had adequate cover for their contents.

The study was commissioned to follow up on a survey conducted last year by Hiscox which revealed that only 27 percent of respondents who collected arts, antiques and valuables had had their household contents valued in the previous five years. A further 35 percent had never had their contents valued.

Hiscox has a panel of approved valuers who offer a discount on their services to Hiscox clients. In addition, Hiscox clients who discover they are underinsured will have their sum insured increased but the premium will remain unchanged until the end of the policy period.

Hiscox is a leading fine art insurer in Europe and has 25 years experience of insuring valuable homes. In addition to providing high value household insurance, the company offers a wide range of other specialist insurance for high net worth clients, professionals and business customers. Other Hiscox specialities include hacker insurance to cover the risks businesses face from doing business on the Internet, professional indemnity insurance for IT and media-related companies, and insurance for the energy, shipping and space industries, among others.

Source: M2PressWIRE via COMTEX

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