The onus rests on you, the policy holder, to ensure that your assets are insured for the correct and adequate value to replace or re-instate them fully, following a total loss event.
Buildings & Structure Sections:
When it comes to Buildings and Structures on your property, the insured value needs to cater for:
- Site clearing and demolition costs
- Professional fees (engineers, architects etc.)
- Building Costs per meter squared, whilst factoring the quality of your current fixtures and finishes
- All structures including paving, walls, swimming pools, tennis courts etc.
- All Fixtures such as Air conditioners, CCTV systems, Electric Fencing etc.
Contents Sections:
For your contents sections, which can include (but is not limited to) House contents, Office Contents, Warehouse and Factory Stock and Plant & Machinery, you will need to cover on a ‘New for Old’ basis unless otherwise agreed with insurers.
For Contents Sections consider:
- Current, new market replacement costs of your contents in its entirety
- Artwork, antiques, jewelry, and collections (e.g. stamps or coins) should be valuated
Motor vehicles:
- Standard motor insurance is based on the current National Auto Dealers retail value of your vehicle. If you have any aftermarket accessories, they must be itemized.
- When it comes to classic cars, rare vehicles, custom builds, and some supercars you will need to get the vehicle appraised and can insure on an ‘Agreed Value Basis’ wherein the insurers will lock in the cover for the recommended value provided in the appraisal document.
Where you are not sure about your insured values or you don’t know how to go about getting values, please contact your Broker. Your Broker should have access to tools and methods or be able to refer professionals that can assist in determining the correct cover values for your assets.
We hope you enjoyed this read and found it to be helpful. Feel free to submit any questions you may have around insurance matters.
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