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Your sum insured should represent the full cost to rebuild or replace your home or contents in the event of a total loss.

It’s important to keep this amount up to date to keep up with inflation and rising construction costs. If you’d like help reviewing or adjusting your coverage or sum insured, please call us at 1-441-298-0888.  

Home insurance covers more than just your house. It also includes coverage for:

• Outbuildings
• Swimming pools
• Tennis courts
• Walls, gates, fences, and driveways

Your sum insured should reflect the full reconstruction cost of your home, including features like a pool. A hot tub must be specifically listed on your policy.

No — and there is likely a significant difference between your home’s replacement cost and its market value.

Replacement cost is the amount it would cost to rebuild your home from the ground up, including materials and labour, in the event of a total loss.

Market value is the amount a buyer might pay for your existing home, factoring in location and demand — it doesn’t consider how much it would cost to build the same home with today’s material and labour costs.

When it comes to insurance, your sum insured should be based on replacement cost, not market value. 

Yes. Home insurance covers damage caused by hurricanes, subject to the terms and limits in your policy, unless hurricane coverage has been specifically excluded.

Yes. Home and contents insurance cover flood-related damage to your buildings and contents, subject to the terms and limits in your policies. Under your contents coverage, this can also include replacing fresh water in your home’s water tank if it becomes contaminated by saltwater during a storm or flood.