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Underinsurance could cost family almost half a million

Underinsurance could mean a Surrey-based family ends up being almost half a million pounds out of pocket following a fire at their home. According to an article in the Guardian newspaper, the property’s rebuild cost had been set using a free online calculator. However, the figure fell way short of what the insurer believed it would cost to rebuild the home from scratch. Typically, there was also some confusion around the inclusion of VAT in the rebuild cost. The Guardian said the case would “alarm people across the country” who relied on automatically generated rebuild cost quotes, especially through comparison websites. The article led to over 100 reader’s comments, one of which said: “I ha

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