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Domestic Sums Insured: The Problems of Underinsurance

This document provides an in-depth analysis of the critical issue of underinsurance in domestic property claims, a problem that often comes to light only when a claim is made. The guide from OMC Claims aims to educate policyholders on the importance of accurate insurance coverage for their properties, ensuring that they are adequately protected in the event of a loss.

This document covers:

  • The common misconceptions surrounding ‘Buildings Sum Insured’ and the market value of properties.
  • The implications of underinsurance and how it affects claims, both small and large.
  • The essential criteria for estimating the correct Buildings Sum Insured, considering a total loss scenario.
  • A step-by-step formula for calculating your rebuilding costs, including considerations for demolition, hazardous materials, construction inflation, and professional fees.
  • The importance of annual reviews of your sum insured to reflect current rebuilding costs, as recommended by the Society of Chartered Surveyors Ireland.
  • This document is an invaluable tool for homeowners, insurance professionals, and policyholders who wish to deepen their understanding of property insurance and avoid the pitfalls of underinsurance.

Click here to download the guide and safeguard your most valuable asset – your home.



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