Having read previous posts, none that I can find by googling, probably as I
am using incorrect terminology, I am sure I read that if you insure say your
home contents for less than the actual value, the insurance company can make
some sort of deduction on any claim. Can someone explain what I am trying
to ask?
Suppose I have purchased goods for 30k and I consider them only to be worth today 20k. Can I insure my contents for only 20k or do I have to insure it for 30k? Is this deduction made only if I claim on the 20k or can a deduction be made on any claim?
Am I making any sense?
Suppose I have purchased goods for 30k and I consider them only to be worth today 20k. Can I insure my contents for only 20k or do I have to insure it for 30k? Is this deduction made only if I claim on the 20k or can a deduction be made on any claim?
Am I making any sense?