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Insurance settlement

  • 08-11-2016 2:16pm
    #1
    irish bloke
    Registered Users, Registered Users 2 Posts: 2,057 ✭✭✭


    Hello all,

    Not sure if this is the correct area, but here goes.

    I have a home bond Insurance policy that I am about to get settlement on due to issues in my home.

    The policy has a "sum insured" or "max limit" which it is agreed I will receive.

    As the policy was taken out in June 2009 the settlement figure proposed is the max limit plus approx 1.5% which is said to be "Index Linked accordingly".

    The "Indexation Factor" on the policy states:

    5% or the house Re-Building cost Index prepared by the department of the environment, whichever is the lesser, per annum compound, with effect from each anniversary date of the start of the period of Insurance!

    Is it possible someone could look at this with regards to determining if 1.5% is correct or even explain this to me in layman's terms.

    many thanks


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