According to Zoopla, Teddington is one of London's most desirable places to live with its affluent charm and riverside appeal, which both create a peaceful lifestyle with a touch of charm. 

Many properties in the area are worth £3 - 4 million and are often period homes with bespoke renovations and high-end interiors.

Teddington is recognised for its riverside appeal (Credit: Nub News)

However, despite their value, some of these homes could be underinsured, leaving owners financially vulnerable in the event of damage or loss.

Why is this you ask?

Coversure Teddington explains why.

Many homeowners assume that their insurance policy fully covers their property's rebuild cost, but with rising material and labour costs, this is often not the case. 

Underinsurance occurs when the sum insured is lower than the actual cost of rebuilding or repairing the home.

This can happen for several reasons, including:

• According to Building Cost Information Service (BCIS), rebuilding costs will rise by 17% in the next five years. 
• Property owners have not updated their insurance policies to reflect changes after undergoing renovations.
• Many assume their home's market value dictates their insurance needs, but rebuild costs are calculated differently. The Rebuild Cost Assessment states that around 80% of UK homeowners are underinsured. 

If your property is underinsured, you may receive a reduced payout when making a claim. 

Many properties in Teddington are worth £3 - 4 million (Credit: Dexters)

This is due to the 'average clause' applied by insurers which proportionally reduces the claim amount based on the level of underinsurance.

For example, if your home has a true rebuild cost of £3 million, but is insured for only £2 million, you are underinsured by 33%.

If you then make a claim for £600,000 in damages, your insurer may only pay out £400,000, leaving you to cover the rest.

Coversure Teddington has provided some tips on how to ensure your home is properly covered, including:

• Get a professional rebuild cost assessment from a surveyor
• Ask a local broker to review your insurance policy and update it whenever you make renovations or home improvements
• Consider high net worth home insurance as standard home insurance may not provide adequate coverage for high-value homes or extensive renovations
• Check your contents insurance to ensure you're covered for valuable assets such as art, antiques and jewellery.

Coversure Teddington is a local independent insurance broker, so it understands the unique risks and challenges Teddington residents face.

Coversure is an independent insurance broker based on Stanley Road in Teddington (Credit: Coversure)

It can help clients with high net worth home insurance, working with leading insurers to provide policies tailored to each property's needs. 

It can also arrange a rebuild cost assessment through a desktop survey or site survey.

If you're unsure whether your home is underinsured, contact the Coversure Teddington team via its website for support.

You can also call the team at 0208 131 4677.

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