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_Whimsical_ · 2015-12-21 23:43:55

I recently got my renewal and noticed it says the policy for building and contents is "Index linked to 0% due to market conditions". I rang up to ask what it meant but I don't think the girl I spoke to knew what it was about. I always remember being told insurance should be index linked, does this "index linked to 0%"…

22-12-2015 12:43am

#1

_Whimsical_

Registered Users, Registered Users 2 Posts: 7,956 ✭✭✭

Join Date: July 2004

Posts: 7472

I recently got my renewal and noticed it says the policy for building and contents is "Index linked to 0% due to market conditions". I rang up to ask what it meant but I don't think the girl I spoke to knew what it was about.
I always remember being told insurance should be index linked, does this "index linked to 0%" thing sound ok or should it be a red flag ?

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Comments

#2 22-12-2015 9:39am

To Elland Back

Closed Accounts Posts: 1,923 ✭✭✭

Join Date: October 2014

Posts: 1904

The Buildings sum insured gets increased by the rate that construction rates rise and Contents sum insured increases by the rise in the Consumer Price Index. The fact that your sum insured 'has gone up by 0%' means that there has been no increase in costs.

You're fine, as long as your starting off sum insured is accurate

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