Home insurance - Undervalued property value

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Based on resolver’s experience to date, it is worth noting that the Royal Institution of Chartered Surveyors (RICS) stresses that all home valuation companies are 'duty bound' to only provide extremely accurate values. However, this situation can occur if the cost of rebuilding your house is greater than the maximum amount that your insurance provider has agreed to pay out, for example. If you make a claim and find you are under-insured, your insurer may only pay the reduced amount – although some insurers may however take a more sympathetic view. If you have made an effort to keep them informed of a change in your circumstances, for example a new extension that you have built, they might even decide to honour the full amount of your claim. ? If you disagree with the decision from an evaluation company appointed by your insurer you can seek to have your own, more thorough private valuation carried out. You can ask RICS to study the situation if you think the valuator has not provided an adequate service and they will deem whether or not any further examination is necessary. Do your research and try to develop as informed an idea as possible about what your house is worth before you act. You can take other house sales in your area or ones of a similar size to help you do this and don't forget to take any renovations and modifications you've made into account. If you disagree with your insurer’s claim findings you should contact your insurer and write giving clear details of your case. Their customer services team should assure you that they will contact you within a timeframe with an update regarding your dispute. resolver recommends that you submit your concern in writing, and resolver can assist you in submitting, recording and reminding you when and who to escalate to. You should retain a copy of the letter, and send all correspondence by recorded mail. Further to this letter, you will be able to make a formal appeal via the complaints procedure of your insurance company. Details of how to make a formal appeal will be found on your policy documents, or on your insurer's website. As a last resort you can contact the Ombudsman, which will act as a mediator in your case. resolver recommends that you submit your concern in writing, and resolver can assist you in submitting, recording and reminding you when and who to escalate to.

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If you can't resolve your issue within 8 weeks of making your complaint (or if you've received a 'deadlock letter' or final decision from the company), you can escalate your case to the Ombudsman.

Your complaint must be under 6 months old to be escalated to the Ombudsman.

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Helping you with Undervalued property value

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