The building sum insured must represent the reconstruction value of the home in its current finished state. One should also take into consideration other expenses such as the use of cranes and heavy equipment if the accessibility of the building is limited. It is best to have an estimate of the property prepared by an architect, however, if this is not available the above considerations should be given due importance.
- When calculating the sum insured of your contents, do not forget to include items which may be contained in furniture, such as books, CD’s, personal effects, clothing, toys etc.
- If you have an item which you think is valuable but you are not aware of its real value you should obtain a proper valuation from a dealer or an expert. In the event of a loss, you should provide proof of value.
Where possible you should keep a record of all your valuable items - a photo would be ideal.
Do not forget that you have the duty to act as uninsured, therefore you must at all times take all precautions to safeguard your property.