Less than one in four who carry out home renovations adjust their insurance policies, new data shows.
The research from Bank of Ireland Insurance Services reveals that over half of homeowners have modified their homes in the last five years.
However, many homeowners who believe their policies provide adequate cover are subsequently discovering that they are underinsured.
Stubbornly high inflation is also having an impact on home insurance cover levels, because insurance policies can increase or decrease depending on whether inflation levels rise or fall year on year.
Bank of Ireland is encouraging policyholders to 'review before you renew'.
"As we move into the autumn and winter months it's important for homeowners to review their insurance policies, avoid being underinsured and confirm they have the adequate level of cover in place," said Deirdre Ashe, Managing Director of Bank of Ireland Insurance Services.
"Underinsurance is an issue currently, so if you have made improvements or modifications to your home, you need to review what you are covered for.
"People need to be certain that the policy they hold reflects the actual value of their property and the contents within – otherwise, they won’t be sufficiently covered in the unfortunate event of storm damage, a domestic accident or a break-in," she added.
Bank of Ireland Insurance Services has launched a new online home insurance platform which supplies home insurance quotes from both FBD and RSA.
"Our research tells us that customers want a choice when it comes to selecting a home insurance provider," Ms Ashe said.
