30
AUG
2017

Valuations can help avoid underinsurance

Posted By :
Comments : Off

Many customers / businesses choose not to undertake valuations; this is due to the misconceptions around them being more expensive with the high costs. Here we show how valuations can help businesses and add value.

 

What is a valuation?

A valuation is a provision of a property of compensation when a property is damaged. It is the actual cash value to replace when something is damaged within the property.

 

Underinsurance is the inadequate insurance coverage a policy holder has. Their policy will not cover them due to them not holding the correct details which it needs for it to be valid. This will ultimately lead policies to become invalid, meaning companies will receive less compensation than they need to recover from their loss.

 

What happens if you give wrong details/valuations?

By giving the wrong valuations or out of date ones, can mean you are being underinsured and in some cases over-insured. This is why it is so important to make sure that your valuations are correct and up to date, to ensure you are getting the right insurance that you need.

 

Many businesses think getting a valuation is expensive, however, they are not as expensive as you think. We would recommend you get a full and up-to-date valuation, and from then on, if nothing significant has changed you can get a cheaper and more affordable valuation. This will help you in the future understand what insurance policy you need and it will give you the peace of mind that you are being fully covered by your policy insurance.

 

At Todd and Cue we can give you quick and easy quote yet still being accurate. It can be done online or if you prefer we can give you a quote over the phone. Get in contact with us.

About the Author