{"id":223,"date":"2019-04-17T10:27:45","date_gmt":"2019-04-17T10:27:45","guid":{"rendered":"https:\/\/www.innov8fs.co.za\/blog\/?p=223"},"modified":"2026-03-18T11:46:48","modified_gmt":"2026-03-18T11:46:48","slug":"condition-of-average","status":"publish","type":"post","link":"https:\/\/www.innov8fs.co.za\/blog\/2019\/04\/17\/condition-of-average\/","title":{"rendered":"Condition Of Average"},"content":{"rendered":"<p><strong>Condition of average<\/strong> is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured. In the event of loss, the amount paid against a claim will be in the same proportion as the value of the underinsurance.<\/p>\n<p>Where a building&#8217;s insurance policy is subject to average, underinsurance can result in very high liabilities on the owner. For example, if a flood or fire causes R3M of partial damage, the building is insured for R5M, but its true value is determined to be R10M, the payout will be:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-224\" src=\"https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2019\/04\/cid_67DBB29311084EA7B97B08B5F9FB212C@Raghav.png\" alt=\"\" width=\"413\" height=\"41\" srcset=\"https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2019\/04\/cid_67DBB29311084EA7B97B08B5F9FB212C@Raghav.png 413w, https:\/\/www.innov8fs.co.za\/blog\/wp-content\/uploads\/2019\/04\/cid_67DBB29311084EA7B97B08B5F9FB212C@Raghav-300x30.png 300w\" sizes=\"auto, (max-width: 413px) 100vw, 413px\" \/><\/p>\n<p>This would leave the owner with an underinsurance shortfall of R1.5M.<\/p>\n<p>Read article <a href=\"https:\/\/mirfin.co.za\/blog\/common-customer-complaints\/\">https:\/\/mirfin.co.za\/blog\/common-customer-complaints\/<\/a><\/p>\n<p>Speak to us about details for a building calculator to help determine the estimate building cost. Please note the building calculator is just an estimate and we can provide you with the details for a building surveyor. Please call Natasha on 0114761016.<\/p>\n<p>FSB licence no: 22205<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Condition of average is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured. In the event&hellip;<\/p>\n","protected":false},"author":1,"featured_media":225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance"],"_links":{"self":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/comments?post=223"}],"version-history":[{"count":1,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/223\/revisions"}],"predecessor-version":[{"id":226,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/posts\/223\/revisions\/226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/media\/225"}],"wp:attachment":[{"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/media?parent=223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/categories?post=223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.innov8fs.co.za\/blog\/wp-json\/wp\/v2\/tags?post=223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}