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.

The importance of a Chubb home appraisal

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.

Here are some of the factors taken into consideration during your appraisal:

• 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