Dear Broker
We are writing to let you know that from 1st April 2024 Aviva Personal Lines Home renewals will automatically include 15% indexation on policies.
While indexation is a useful tool to help minimise the risk of under insurance, it should not be relied upon, as each customer’s home is unique.
Please remind your customers to regularly review their sums insured
With rising inflation and the cost of building increasing significantly in recent years, as well as many homeowners deciding to renovate or extend their homes, it has never been more important for customers to ensure that they are fully covered.
We understand how stressful it is for customers when they have to make a claim and, as insurers, we want to avoid having to add to the stress by telling them that they are under-insured. We are therefore asking you to please remind your customers to check their sums insured on a regular basis to ensure that they have adequate cover in place and to protect against the application of the ‘Average Clause’ condition.
Here are some Key Points to Note:
- 15% Indexation will apply to Home Renewals from 1st April 2024.
- 15% Indexation will apply to buildings only and, where a monetary value was chosen for the contents sums insured, indexation will not apply to contents.
- Where contents was selected as a percentage of the building sum insured (i.e 30%, 40% & 50%), indexation will also be automatically applied to the contents sum insured.
We have attached a frequently asked questions (FAQ) guide to help you to answer any questions your customers may have. Please click HERE.
If you have any further questions in relation to this change or need any assistance, please contact your Aviva BDM or our Personal Lines Team on pi.ireland@aviva.com
Thank you for your continued support.
Yours sincerely
Stephen McGerr
Sales Director
Aviva Insurance Ireland DAC
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