Personal Finance: Underinsuring Your Home Could Leave You Out Of Pocket
Summary
Charlie Weston discusses energy price freezes from Prepay Power and Electric Ireland, urging other providers to halt increases amid rising wholesale gas costs. He also highlights the risks of home underinsurance, explaining how policyholders may face significant shortfalls during claims due to confusing rebuild value calculations. Finally, the segment covers a Central Bank warning about a "ticking time bomb" of older borrowers in long-term mortgage arrears who lack the capacity to repay their debts before retirement.
Topics discussed
Energy price freezes and calls for more certainty
Understanding home under-insurance and rebuild costs
The financial impact of under-insurance on claims
Clarifying market value vs. rebuild value and listener queries
Mortgage arrears statistics and the debt vulture issue
Advice on calculating accurate rebuild costs for unique homes
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