For guidance on how to calculate your building and contents sums insured please refer to our ‘What Sum Insured’ guide below. If you take all reasonable measures to maintain your sums insured to the correct level your claims will be paid in full. Failure to do so may inhibit that ability.
You will need to update your sums insured if for example you build an extension to your home, or acquire contents items, which increase the total replacement cost.
‘Average’ means your claims will be proportionately reduced if the sum insured is not adequate
How much should I insure for?
The full replacement cost of the contents of your home.
How to work out full replacement costs?
Short of a full professional valuation, the best way is to go through each room in turn, adding up the likely replacement cost of each item. Note down your estimate in the checklist below.
Many things – family and house size, special possessions etc, affect the total value of your Home Contents, and no two households are the same.
What about jewellery and other personal possessions?
Items of value for which cover is required outside your home and for travel/holiday purposes should be insured under the Contents – All Risks Section of the Policy. Items of ‘minor’ worth are insured as Unspecified Jewellery, Clothing, Baggage and Personal Effects up to a value of £2,500.00 per item automatically.
Items of higher worth must be specified individually and we may require a professional valuation or purchase receipt for these items. This helps to avoid problems if items are lost or stolen.
How much should I insure for?
The full cost of rebuilding your home. Our guide figures are shown in two rebuilding cost tables: –
£505.00 per square foot – in respect of average dwellings and includes double glazed windows and basic central heating, bathrooms and kitchens.
£605.00 per square foot – in respect of one-off architect designed houses or granite built houses, which have a higher standard of design and finish.
In both cases professional fees & cost of demolition are included.
You will also need to allow extra amounts for a separate garage or outbuildings and for special items such as expensive garden walls or a swimming pool, all of which will be included in your Buildings cover provided you have allowed for them in your sum insured.
But why rebuilding costs?
If the buildings of your home are damaged, your Buildings Policy will pay the full cost of any repairs, even up to complete rebuilding if necessary. We expect you to work out your sum insured on the same basis.
How to work out the rebuilding cost
Use the options of rebuilding costs shown above. The options are based on local Building costs and will guide you on the rebuilding cost of different types of houses in the Island. Of course houses do vary in design and construction and the figures can’t be accurate for all properties. If you feel your home has any unusual features, you may want to obtain a professional valuation.
1. Identify your house construction type
2. Work out the square footage of your house.
This is not as difficult as it sounds – first of all measure round the outside of your house and then multiply the length by the width to establish the ground floor area (i.e. 20ft x 15ft = 300sq.ft). Multiply this figure by the number of storeys to establish the total floor area. If the upstairs area differs significantly in size, measure it separately and add it to the ground floor area. (Now complete parts A B and C of “Your own Calculation” below).
3. Add an allowance
Add an allowance for any luxury specifications such as better-designed kitchens, more expensive window systems or luxury bathroom fittings etc
4. Add an allowance
Add an allowance for any separate garage. Rebuilding costs for garages typically start from £12,000 for a single prefabricated construction, and range from £15,000 to £25,000 for single/double garages built from brick or block.
5. Add an allowance
Add an allowance for any other buildings, walls, gates and if applicable tennis courts, swimming pools etc