At its simplest, under-insurance means that policyholders who believe themselves to be fully protected are, in fact, only partially protected against the risks to which they are exposed, even though they have bought insurance protection.
This leads to very difficult conversations and poor client experiences when a claim is made. This is why Chubb goes to great lengths to identify and remedy instances of under-insurance.
The importance of a Chubb home appraisal
One of the most effective ways to tackle under-insurance is a thorough physical appraisal of the property and contents, when possible in the company of the policyholder and their broker.
This is the 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 will be either an external assessment but often the case for many of our clients it will be a full home appraisal.
Chubb have their own in house team of experts, who go and meet clients. They spend time having an informal, sit-down conversation and will talk about the history of the house, the age of the services, and confirm the property is well-maintained.
They are trained to assess the unique features of our clients’ homes, enabling us to provide accurate rebuilding costs as well as contents sums insured.
Can this process be carried out around the world?
The Chubb home appraisal team is experienced in appraising across Europe. For example, many of our English clients own relatively newbuild villas in Portugal and Spain. In places like the Riviera, Clients can own large Vineyards or historic Chateaux, here they face very different insurance concerns.
Ultimately, our clients have many complicated considerations when it comes to insurance. The proper 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 Alpine chalet from scratch, having your home personally appraisal by an expert can make sure you aren’t part of the vast number who are underinsured.