Insurance Policies for Residential Property Series – Things should know when buying insurance cover for your property: Insured value and sum insured

Ensure your property is adequately insured at all times, and take into account the renovations and enhancements made to your property.You should also decide on the basis of compensation for loss/damage to your property, whether it is on indemnity or reinstatement basis, and the sum insured shall reflect the choice. When purchasing a householder policy, you must ensure that the sum insured reflects the coverage needed to replace all the contents in your property.

You must also declare items that you want to insure specifically to ensure that you get the full compensation in the event of their loss/damage. You may also take additional coverage for valuable items such as artwork, jewellery, antiques or collectibles.It is also important to keep documents that show the proof of ownership and the value of items insured. Photographs of your valuable items, if available, may also be very helpful in the event of a claim.