Jean-Paul Rudd from Adams and Adams investigates underinsurance in South Africa.
Many South African policyholders are underinsured, which poses potential risks that may haunt them in the future.said that underinsurance occurs when an object is insured for less than it is worth.
If his home is damaged in a flood, the insurance company will send an adjuster to evaluate the damage and determine the amount for his claim. In this example, she may only get two-thirds of her coverage limit, which is R666 thousand. She could thus be responsible for paying the over R800 thousand remaining.
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