underinsured
adjective
INSURANCE uk/ˌʌndərɪnˈʃɔːd/ usif a person or organization is underinsured, they do not have a high enough level of insurance:
The main reason for people being underinsured is because they do not realise the true value of their property.
if something is underinsured, it is insured for less than it is worth:
Many homes are still under-insured for contents.
underinsurance
noun [ U ]
The problem of under-insurance is particularly acute for owners of listed property.