Aviva Insurance Ireland Designated Activity Company, trading as Aviva, is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No. 605769. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.
Farm Insurance Product - Home under-insurance
What is it?
Rising inflation and the increased cost of building are putting our home insurance customers including those with houses insured under a farm policy at risk. Policyholders who have not reviewed their sums insured recently may now be under-insured.
Recent research conducted by the Central Bank of Ireland has found that one in six Irish homes don’t have sufficient insurance cover1 in place.
In the last 2 years Aviva are proud to have paid out on 98% of all Farm property insurance claims made with us2 and we want to continue to pay out on our valued customer’s claims. To continue to do this it’s important that policyholders review and set the correct sums insured.
The Central Bank of Ireland has been very clear regarding their expectations of insurers to communicate clearly and regularly with policyholders about the risks of under-insurance and the importance of setting the correct sums insured. Aviva is committed to ensuring that all policyholders are empowered to make informed decisions regarding their insurance needs and that they fully understand the impact of under-insurance.
As required by the Central Bank of Ireland Aviva is writing directly to all home insurance policyholders to encourage them to review their existing sums insured and to contact their broker or intermediary to make updates where necessary.
A copy of the letter being sent to our policyholders is included here.
We will also enclose a document outlining some Frequently Asked Questions for policyholders to ensure they fully understand the impact of under-insurance to their dwelling houses. This is available to download here and you are welcome to use this content on your own customer facing websites and in any communications that you may wish to send directly.
1 Independent.ie “One in six homes have inadequate insurance cover in place” published on 23 September 2022 https://www.independent.ie/business/personal-finance/one-in-six-homes-have-inadequate-insurance-cover-in-place-42011983.html
2. Based on 12 months rolling data from Aviva Ireland Insurance DAC KRI MI