Homeowners have been urged to review their home insurance before renewing after it emerged that many do not adjust their policies after carrying out upgrade works to their properties.
New researched from Bank of Ireland Insurance Services has revealed that less than one in four people who carry out home renovations adjust their insurance policies.
More than half of those surveyed said they had modified their homes in the last five years.
The report found that many homeowners who believe their policies provide adequate cover are subsequently discovering that they are underinsured.
Bank of Ireland is encouraging policyholders to 'review before you renew'.
"As we move into the autumn and winter months it's important for homeowners to review their insurance policies, avoid being underinsured and confirm they have the adequate level of cover in place," said Deirdre Ashe, Managing Director of Bank of Ireland Insurance Services.
"Underinsurance is an issue currently, so if you have made improvements or modifications to your home, you need to review what you are covered for.
"People need to be certain that the policy they hold reflects the actual value of their property and the contents within – otherwise, they won’t be sufficiently covered in the unfortunate event of storm damage, a domestic accident or a break-in," she added.
