Galway Bay FM Newsroom - There's a warning that many homes in Galway could be substantially underinsured, which could lead to reduced pay-outs for homeowners should they suffer a claim.
Online broker Insuremyhouse.ie, has gathered data which shows that the cost of rebuilding a standard 3-bed, semi-detached in the county has increased by 23% in the last five years.
The firm conducted an internal review of thousands of customer renewals, which indicated that up to half of all homeowners could now be underinsured by anywhere from 10% to 30%.
This follows the huge increases in building costs around the country not being reflected in the rebuild cost sum insured placed on the home.
The online brokers are asking homeowners in Galway to check their policies to ensure they have an accurate rebuild cost submitted, thereby avoiding the potential for significant financial shortfall in the event that an insurance claim needs to be made to rebuild their home due to total loss, such as fire.
