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ASF acknowledges 'gap' between expectation and reality in insurance policies
The president of the Insurance and Pension Funds Supervisory Authority (ASF) stated that many homeowners are underinsured because the capital value in their policies does not match the actual reconstruction cost of their property. The regulator recommends that policyholders use official simulation tools to adjust their insured capital to current market construction costs to ensure they are adequately covered in the event of a total loss.
Why it mattersIf you are a homeowner, check if your insurance policy's 'insured capital' reflects today's construction costs; if not, you may not receive enough in a claim to rebuild your home.
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