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How to set the sum insured – what value do I put in the policy
If you own a home or condo, your wealth may disappear overnight due to a fire, hurricane, or earthquake. You may also have partial damages that affect your economy and that may force you to rent a temporary space in which repairs are made and you can return to your home. Having an insurance policy that protects your property is not a luxury, it is a primary need. Here are the main points to keep in mind to set the sum insured
Property Value – Dwelling
When it comes to a standalone house, you must consider the reconstruction value with current materials. The exact way to do this is to multiply the square meters of construction by the cost per square meter. There is no need to consider the commercial value; insurance companies pay for the reconstruction value under the same conditions before the claim.
If you own a condo, we recommend that you speak with your administrator and review the master policy for the entire building to see what coverages they have, and if necessary, that you purchase the missing ones independently. If there is no policy that covers common areas and buildings, you can buy in Novamar a policy to cover your condominium at commercial value (unique in the market) so that, in case of total loss, you can buy a similar condominium in the same area of the city.
Remodeling and improvements to your condo
This investment is not considered within the master policy of the building. You can include it in your condo's insurance policy as Betterments & Improvements.
Goods outside and below the floor level
All exterior constructions can be covered in your insurance policy. We must consider the perimeter fences, retaining walls, swimming pools, jacuzzis, spas, tennis courts, kiosks, gazebos, palapas, etc., as well as pool equipment, transformers, solar panels, elevators, and their machinery. It is important to mention those that are below the floor level.
Value of Contents
The ideal is to have an inventory of furniture, electrical and electronic equipment, clothing, sports equipment, art pieces, etc., with the replacement value as new. In electronic devices, insurers pay up to five years (some only three) of use as a new value. It is very important to take pictures and videos along with a newspaper or internet screen that shows the date. This will serve as a pre-existence at the time of a claim.