Homeowners Underinsured by 60%

A recent Hiscox study reveals that most high value homeowners have little idea of the true value of their home contents. The study compared 64 high value homeowners’ previous valuations with the new valuations assessed by an independent valuer. On average, homeowners’ contents were underinsured by an average of 60 percent and nearly one-third (31 percent) were underinsured by at least 100 percent. All of those researched found their home contents had changed value since their previous assessment and only 21 percent found their previous valuation was even close (within 10 percent) to the new one. Only one quarter (26 percent) had adequate cover for their contents.