For example, if your building should be insured for £1,000,000 but is only insured for £700,000, you’re underinsured by 30%. In the event of a claim, your insurer may reduce the payout proportionally (by 30%), and only pay 70% of the loss.

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Understanding this figure will help you combat the risk of being underinsured

But what exactly does it mean, and how do you answer the question - what is the rebuild cost of my house?