Stuart Siddall, Aon's high-net-worth insurance specialist, explains why homeowners in Altrincham who have renovated or improved their properties may be at greater risk of underinsurance than they realise.
Altrincham has seen remarkable change in recent years. Significant investment, ambitious renovations, high-end extensions - the quality and value of homes across the area has risen considerably. But for many homeowners, their insurance hasn't kept pace. That gap can be costly.
The problem with "average"
When a home is underinsured, insurers can apply what's known as the "average" principle when settling a claim. In simple terms, if your home is insured for less than its true rebuild cost, your insurer may reduce any payout by the same proportion - even if you've been paying your premiums diligently for years. A significant renovation that goes unrecorded on your policy could mean that, in the event of a serious loss, you receive far less than you need to restore your home to its current standard.
Why renovations change the picture
A high-end kitchen, a new extension, a converted loft, underfloor heating, bespoke joinery - these improvements don't just add to your enjoyment of your home. They add to its rebuild cost. And rebuild costs in areas like Altrincham, where quality finishes and skilled trades command a premium, can increase substantially after even a single project. If your sum insured was set before the work began, there's a real chance it no longer reflects what it would actually cost to rebuild your home today.
What Aon can do
As a specialist broker for high-net-worth clients, Aon can help you understand whether your cover genuinely matches the value and quality of your home. That includes:
- Arranging professional valuations and rebuild cost assessments tailored to high-value properties
- Reviewing and recalibrating your sums insured following renovations or extensions
- Providing access to specialist high-net-worth policies that are more flexible, and better aligned to the complexity of properties like yours
If you've recently improved your home - or if it's simply been a while since your cover was properly reviewed - it's worth getting in touch.
To speak to Stuart directly, contact him by email at stuart.siddall@aon.co.uk, or by phone on 0161 687 2014 or 07470 671 688.
