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Archive: Millions of homes could have incorrect home insurance

According to a new report from SunLife, up to 10 million homes could be wrongly insured. The report finds that 67% of homeowners are unaware of the rebuild cost of their home with over a third (35%) assuming that this is the same as the value of their house. This report on Home Insurance in What Mortgage Magazine in December.*

How this affects home owners

Adam Nanson, Managing Director of Your Mortgage Expert comments:

“I speak to many Home Insurance clients who are unclear about how to calculate the rebuild cost of their home, so the findings of this research do not come as a surprise.

“The rebuild cost is basically the amount of money that a home owner would need to rebuild their home from scratch of it was completely destroyed. This could be less than the actual value of the property, but in some cases could be more.”

How Your Mortgage Expert can help

Adam Nanson continues:

“By speaking to an independent mortgage broker like Your Mortgage Expert, you can help better understand how to calculate an accurate rebuild cost for your property. This will help ensure you are not over or under insured so that, in the unfortunate event something were to happen to your home, you would have adequate cover.

Your Mortgage Expert is independent and therefore has access to a range of Home Insurance providers. We can help you get the most appropriate level of cover for your home. We can advise on buildings and contents insurance and can also help with Landlords insurance if this is required.”

For more information, visit the Your Mortgage Expert website and visit the contact us page to get in touch or ring us now on 01722 322683.

We don’t charge for an initial consultation, so by speaking with us, you won’t be under any obligation. To find out more about our services and how we operate, visit our about us section.

The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.

A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Please note: if you click on the below links you will be departing from the regulated site of Your Mortgage Expert Ltd. Neither Your Mortgage Expert Ltd nor TenetLime are responsible for the accuracy of the information contained within the non-regulated site.
*Source: http://www.whatmortgage.co.uk/news/10-million-homes-wrongly-insured/