What is the correct value of insuring my home?

Beware of being underinsured. Underinsurance is when the amount you are insured for is not enough to cover the costs of rebuilding your home or replacing your lost contents.  In other words underinsurance means partial insurance and partial insurance means partial reimbursement. Τo avoid being underinsured, you should notify us for any increase in your contents value as well as the use of your buildings, whether you do any renovation or refurbishment in the buildings which might increase the risk.

 

Before you proceed to a quotation, pull together all of the key information you will need to obtain an accurate quote.  A home policy should cover funds to rebuild your home in the event of it being totally destroyed or damaged to the point that complete rebuilding is necessary. This includes the amount to actually rebuild the house and also any demolition work, removal of debris and the Surveyors/Architects fees, public authority’s fees and Licencing Applications costs.

Tags: underinsurance, value

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