What are coverage gaps and how do you find them?
A coverage gap is the difference between what you think your policy covers and what it actually covers. It hides in exclusions, insufficient insured sums, and risks that were never added. You find it by carefully reading the terms — or automatically, with an analysis tool like PolicyWallet, on the Family plan.
What are the most common coverage gaps in Greece?
The Greek market has one of the lowest insurance penetration rates in the European Union — according to data published by the Hellenic Association of Insurance Companies (HAIC), only a small minority of homes carry insurance. But even policyholders run into recurring gaps:
- Earthquake not covered: in many mortgage-linked policies earthquake is an optional extension that was never added.
- Building underinsurance: reconstruction costs rose with inflation, but the insured sum stayed where it was set years ago.
- High health deductible: a €1,500 deductible means most incidents are paid entirely out of pocket.
- Roadside assistance and own damage: assumed by default in motor policies but often missing from basic packages.
- Overlaps: two policies paying for the same risk (e.g., travel cover on a card and in a standalone policy) — wasted money.
What is the average rule and why does it matter?
If your home costs €200,000 to rebuild but you insured it for €100,000, you will not receive €100,000 on a total loss — the average rule (pro-rata) means every claim, even a partial one, is reduced by the underinsurance ratio. A €20,000 loss pays out €10,000. That is why checking the reconstruction sum is the most important — and most neglected — step of every renewal.
How do you find coverage gaps step by step?
A manual check takes three steps: first, read the coverage table and note what is actually included — not what you assume. Second, read the exclusions: that is where most gaps hide. Third, compare insured sums against today's values (reconstruction, contents, income). PolicyWallet automates all three: you upload the policy PDFs and the AI reads coverages and exclusions — and, on the Family plan, cross-checks them and flags gaps and overlaps in plain language.
Frequently asked questions
How often should I check for coverage gaps?
At least once a year, before each renewal, and additionally after every major life change: moving, renovation, a new family member, a new vehicle, or a job change.
Does a coverage gap mean my agent failed me?
Not necessarily. Needs change faster than policies do. A neutral analysis tool gives you a clear picture so the conversation with your agent starts from concrete data.
Can the AI read any insurance policy?
Yes — as long as you have the policy PDF, the analysis works regardless of insurer or intermediary, across all major lines: motor, home, health, group, cyber, and pet.