The neglected risk of overinsurance in high-net-worth property - HNW owners paying more than they need to
In high-net-worth (HNW) property insurance, underinsurance has long been a concern, with 70% of UK properties insured for less than they should be, according to a recent survey.* However, overinsurance is drawing increasing attention as many premium homes are insured for more than their true rebuild cost.* This means that HNW property owners are paying more than they should for their insurance, while brokers face potential challenges in verifying fair value, under the Financial Conduct Authority
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