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(A) What we call this in insurance terminology .
(B) What advice you may provide to the insured to avoid such case.
A case of underinsurance can occur when the evaluation grid for estimating the value to ensure was not properly completed or is out of date
When you buy a fire insurance policy, your insurer will ask you often to fill an evaluation matrix to identify the value to insure for your accommodation.
If this evaluation grid is properly completed there will be no risk of under insurance. If, against you forget to mention certain things, it may be that disaster be faced with in insurance ie the value of the insured property is less than the actual value of the property.
This applies even if you have made any changes or modifications to your home and the value of it is increased. Your evaluation grid is outdated and you may be a victim of under insurance.
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An important tip: Always tell your fire insurance when you make changes in your home. And you will not take any risks.
What's happening if under insurance?
If disaster, your insurer finds that the insured value of your home does not match the real value of it (underinsurance), it will apply the so-called proportional rule to calculate your compensation. You will, in this case, probably not compensated for all damages suffered.
A) Under insurance.
B) You should insure your property at it's full and actual value to assure full protection and coverage during the period of insurance and to have the full compensation upon accident occurrence and also to avoid the average condition that may reduce your claim proportionally.
My very best wishes
