Having your property appraised

Under-insurance affects many people and the more affluent are no exception.

At its simplest, under-insurance means that policyholders who believe they are fully covered for a risk are, in fact, only partially covered against the risks to which they are exposed, even though they have bought insurance.

This may lead to very difficult conversations and poor client experiences when a claim is made. That is why Chubb aims to identify and remedy instances of under-insurance.

One of the most effective ways to tackle under-insurance of a home is a thorough physical appraisal of the property, when possible in the company of the policyholder and their broker.

This is a key Chubb difference for our clients. We do this as an integral part of our underwriting and risk assessment process for our clients. Depending on the value and size of property, this could be an external assessment, but often it will be a full home appraisal for many of our clients.

Chubb has their own in house team of experienced Risk Consultants.  They are trained in all aspects of appraising high quality homes, which involves an accurate assessment of the rebuild cost of the home, as well as customised risk management advice to help reduce the risk of a loss.

• Location

• Land size

• Topography and layout

• Features (e.g. pool, veranda, etc)

• Building condition and structure

• Council zoning

• Heritage status

• Existing damage

• Planning restrictions

• Ease of access to the property
  
  
  

If you are a homeowner, you likely would have been approached by a real estate agent at some point, with an offer to value your property  for free. Agents will give an estimate of what your property is currently worth for the purpose of selling it on the property market. Agents will usually consider your property against  recent sales data and give insight on how the property market is faring.

Ultimately, our clients have many complicated considerations when it comes to insurance. Finding the right level of insurance is something we often don’t realise we need until it’s too late. Whether you’re trying to insure a large art collection or work out the cost of rebuilding your heritage listed property from scratch, having your home personally appraised by an expert can help make sure you aren’t part of the vast number who are underinsured.

At Chubb, we often complete a home appraisal for high value homes as part of our Masterpiece Home and Contents insurance to ensure clients are getting the right cover. Learn more about what is covered under our Masterpiece home and contents policy.