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.
Home under-insurance
What is it and how to prevent it
Rising inflation and the increased costs in the construction industry are putting our home insurance customers at risk and 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.
This year Aviva are proud to have paid out on 96% of all home 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 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. This is available to download here and our brokers and partners are welcome to use this content on their own customer facing websites and in any communications that they may wish to send directly.
In the coming weeks we will also be enhancing information regarding under-insurance across our policy documents and we will continue to use our voice to share relevant and helpful information with general consumers.
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