Underinsurance is essentially not having enough insurance to cover a property claim in the event of property theft, loss or damage. For example, if the value of your property is $200,000 and your policy covers $140,000, you will be liable for the remaining $60,000 out of pocket.
It is extremely important that you properly declare the full value of the property you are insuring. Saving a small amount of money on your insurance premium now can cost you more than you can cover down the road.
If you are not sure how to properly value and/or insure your property, contact your broker or your insurer for assistance.
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