HOUSEHOLD SUM INSURED GUIDE INSURANCE CORPORATION Your policy covers the full cost of repair or replacement if your Building Contents or Personal Possessions are lost, damaged or destroyed regardless of their age or original purchase price. Sums insured you set must be adequate to reflect our cover. This leaflet will help you work out both your Buildings and Contents sums insured. If you need any further advice or assistance, your Insurance Broker will be pleased to help. Once you have decided on your sums insured, your policy s inflation protection will help you to keep them in line with rising costs year by year. But remember, you should still check your sums insured yourself from time to time - particularly if you improve your home or acquire new possessions. Some instructions will require you to seek professional guidance especially for buildings of an unusual or historic nature and for contents items which are not easily replaced (such as antiques, jewellery and collections) The contents of your home and personal possessions How much should I insure for? The full replacement cost of the contents of your home. How to work out full replacement costs Short of a full professional valuation, the best way is to go through each room in turn, adding up the likely replacement cost of each item. Note down your estimate in the checklist on the next page. Many things - including family and house size, special possessions and collections affect the total value of your Contents, and no two households are the same. What about personal possessions? Items of value for which cover is required outside your home (including for travel/holiday purposes) are insured as Personal Possessions. Any items worth less than 2,000 each can be insured as Unspecified Valuables, Clothing and Personal Effects. Items worth 2,000 or more must be specified individually and we require a professional valuation or purchase receipt for these items. This helps to avoid problems if items are lost or stolen. The sum insured in respect of Unspecified Valuables, Clothing and Personal Effects must represent the total value of such property you and members of your household are likely to have away from home at any one time. If you select Accidental Damage cover on your Contents, the policy will cover you for Personal Possessions in respect of Unspecified Valuables, Clothing and Personal Effects up to 50% of the Contents sum insured, or 20,000 (whichever is the lower amount). Items you Purchase Many people buy items throughout the year and underestimate the cumulative additional sum insured which should apply or omit to include purchases at all. Don t be caught out. Please visit our website for further information about Insurance Corporation - www.insurancecorporation.com Insurance Corporation of the Channel Islands Limited, Registered in Guernsey (No 10569), is licensed by the Guernsey Financial Services Commission. April 2014 1
BY USING THE ROOM-BY-ROOM CHECK LIST BELOW CALCULATE THE TRUE VALUE OF THE CONTENTS OF YOUR HOME Lounge Sofa/Chairs T.V./Video/Hi-Fi/DVD Players/ Tapes/CD/DVDs Computers/Laptops/ ipods/phones/ Electronic devices Carpets/Curtains/Blinds Tables/Bookcases/Books Pictures/Clocks/Ornaments Lamps/Lights Value of Electronic Downloads Kitchen Cooker/Microwave/Ovens Fridge/Freezer Washing Machine/Dryer Kettles/Irons/Toasters/Mixer Table & Chairs Floor Covering/ Curtains/Blinds Crockery/Utensils/Cutlery Food & Drink Dishwasher Electronic Equipment (e.g. tv) Dining Room Carpets/Curtains/Blinds Table/Chairs Linen China & Glass Cutlery Sideboard Pictures/Clocks/Ornaments Main Bedroom Carpets/Curtains/Blinds Bed & Bedding Wardrobe/Chest of Drawers Dressing Table/Chairs Pictures/Mirrors Ornaments Clothes/Shoes/Bags Valuables TV/Hi-Fi/Other Bedroom 2 Carpets/Curtains Bed & Bedding Wardrobe/Chest of Drawers Dressing Table/Chairs Pictures Ornaments Clothes TV/Hi-Fi/Other Bedroom 3 Carpets/Curtains Beds & Bedding Wardrobe/Chest of Drawers Dressing Table/Chairs Pictures Ornaments Clothes TV/Hi-Fi/Other Bedroom 4 Carpets/Curtains Bed & Bedding Wardrobe/Chest of Drawers Dressing Table/Chairs Pictures Ornaments Clothes TV/Hi-Fi/Other Bathroom/WC Carpets/Curtains Chair Bathroom Cabinet/Mirror Towels Toiletries Linen basket/clothes Miscellaneous Collections* Stairlift* Disability Scooter* *Specify separately to Insurance Corporation Hall/Stairs/Landing/Loft/Cellar Carpets/Curtains Furniture Chairs Pictures Sports Equipment Vacuum Cleaner Items in Storage Garage/Shed/Conservatory Garden Equipment Lawn Mower Garden Furniture Work Bench & Tools Motor Accessories Conservatory Furniture Bikes/Toys Other Items Study Desk/Chair Telephones/Fax/ Photocopier/Printer Computers Software Value of Electronic Downloads Other equipment Carpets/Blinds/Curtains TOTALS Lounge Kitchen Dining Room Main Bedroom Bedroom 2 Bedroom 3 Bedroom 4 Bathroom/WC Hall/Stairs/Landing Loft/Cellar Garage/Shed/Conservatory Study TOTAL Remember to tell us if you acquire any major new items for your home so that we can adjust your sum insured to cover them 2
The buildings of your home How much should I insure for? The full cost of rebuilding your home using local contractors and if project managed, using a professional, skilled construction manager, including debris removal and site clearance. But why rebuilding cost? If the buildings of your home are damaged, your policy will pay the full cost of any repairs, even up to complete rebuilding if necessary. We expect you to work out your sum insured on the same basis. How to work out the rebuilding cost Use the table of rebuilding costs shown overleaf. The guide is based on local building costs and will guide you on the rebuilding cost of different types of homes in each island. Of course, homes do vary in design and construction and the figures produced by using our guide are a recommendation only and in some cases the actual rebuilding cost could be more or less. If you feel your home has any unusual features or historic listing, or you want to be more certain about the rebuilding cost, you should obtain a professional valuation from a chartered surveyor. Your own calculation in 7 easy steps 1. House Type: Identify your house type detached/semi-detached/terrace/bungalow and establish the rebuilding cost according to where you live. 2. Work out the square footage of your house: This is not as difficult as it sound first of all measure round the outside of your house and then multiply the length by the width to establish the ground floor area (i.e. 20ft x 15ft = 300sq ft). Multiply this figure by the number of storeys to establish the total floor area. If the upstairs area differs significantly in size, measure it separately and add it to the ground floor area. Roof space if habitable and basements should be measured to cover the area for which there is a minimum height of 3.5ft from floor to roof. 3. Luxury items: Add an allowance for any luxury specifications such as better designed kitchens, more expensive window systems or luxury bathroom fittings e.g. indoor or outdoor jacuzzis. 4. Garages and/or carports: Add an allowance for any separate garage, Rebuilding costs for a single prefabricated concrete garage would cost in the region of 16,400 to 17,700. Rebuilding costs for single garages built from brick or block typically start from 25,900 to 28,600 and range from 57,100 to 82,900 for double garages built from brick or block. You should allow up to an additional 30% for garages which have specifically been designed to blend in with an existing design dwelling. 5. Other buildings and hard standings: Add an allowance for any other buildings, walls, gates and if applicable tennis courts, swimming pools, etc. 6. Modern dwellings: Add an allowance for dwellings in Guernsey which have been designed since Spring 1990 as these will have been designed to a much higher standard, with far more detail, to comply with the requirements of the Local Authorities. You will need to allow up to an additional 5% to 10% to cover these increased design costs. 7. Other Allowances: Add on an allowance for professional fees (architects and surveyors fees) and demolition costs. These will vary depending on the type and complexity of the building. However, as a guide you should allow an additional 16%. Now complete your calculation. 3
Your own calculation A. Measurement of the main structure, to external face of external walls (see Step 2 above) Basement floor (length) X (width) = sq ft Ground floor (length) X (width) = sq ft First floor (length). X (width) = sq ft Second floor (length). X (width) = sq ft TOTAL = sq ft B. Rebuilding cost per square foot (see Step 1 above) C. Rebuilding cost of your house = multiply A x B D. Allowance for luxury specifications (see Step 3 above) E. Allowance for separate garage if applicable (see Step 4 above) F. Allowance for outbuildings, walls etc. (see Step 5 above) G. Allowance for modern dwellings (see Step 6 above) H. Allowance for professional fees (see Step 7 above) TOTAL REBUILDING COST To convert sq metres to sq ft x by 10.764 4
Home Rebuilding Costs Guide How much might it cost to rebuild your house? These figures exclude professional fees and cost of demolition. (Figures shown are per square foot at 1 st April 2014) Type of Home 1 st April 2014 DETACHED HOUSE SEMI-DETACHED HOUSE DETACHED BUNGALOW SEMI-DETACHED BUNGALOW TERRACED HOUSE TERRACED BUNGALOW DETACHED 1 1 /2 STOREY HOUSE/COTTAGE TERRACED 1 1 /2 STOREY HOUSE/COTTAGE DWELLINGS FLOOR AREA UP TO 1800 SQ FT (to Ext Face of Ext Walls) Rendered Rendered & Part Exposed Granite Stone/Granite DWELLINGS FLOOR AREA 1800 SQ FT AND OVER (to Ext Face of Ext Walls) Rendered Rendered & Part Exposed Granite Stone/Granite Guernsey 253.52 264.68 275.90 240.83 251.46 262.13 Jersey 219.79 229.48 239.18 208.80 218.01 227.25 Alderney 304.23 317.62 331.08 288.98 301.76 314.56 Sark & Herm 417.28 435.67 454.10 396.38 413.86 431.40 Isle of Man 195.30 203.89 212.52 185.52 193.70 201.92 Guernsey 234.88 244.22 253.52 223.14 232.03 240.83 Jersey 203.64 212.04 219.79 193.45 201.18 208.80 Alderney 281.85 293.06 304.23 267.77 278.45 288.98 Sark & Herm 386.55 401.96 417.28 367.31 381.91 396.38 Isle of Man 180.93 188.12 195.29 171.89 178.74 185.52 Guernsey 275.90 288.99 301.96 262.13 274.51 286.90 Jersey 239.18 250.55 261.79 227.25 238.00 248.74 Alderney 331.08 346.78 362.35 314.56 329.43 344.28 Sark & Herm 454.10 475.60 497.01 431.40 451.81 472.19 Isle of Man 212.52 222.61 232.62 201.92 211.47 221.01 Guernsey 272.16 281.50 290.80 258.56 267.44 276.27 Jersey 235.96 244.06 252.12 224.17 231.84 239.53 Alderney 326.59 337.79 348.97 310.28 320.94 331.53 Sark & Herm 447.96 463.33 478.65 425.56 440.17 454.70 Isle of Man 209.65 216.83 224.01 199.13 206.01 212.82 Guernsey 234.88 244.22 253.52 223.14 232.03 240.83 Jersey 203.64 211.74 219.79 193.45 201.18 208.80 Alderney 281.85 293.06 304.23 267.77 278.45 288.98 Sark & Herm 386.57 401.96 417.28 367.31 381.91 396.38 Isle of Man 180.93 188.12 195.29 171.89 178.74 185.52 Guernsey 255.20 267.44 279.61 242.46 254.03 265.55 Jersey 221.25 231.84 242.40 210.18 220.21 230.21 Alderney 259.18 271.63 284.00 246.24 258.03 269.72 Sark & Herm 420.05 440.17 460.21 399.54 418.11 437.06 Isle of Man 196.58 206.01 215.39 186.77 195.68 204.56 Guernsey 264.68 276.77 288.99 251.46 263.01 274.51 Jersey 229.48 239.97 250.55 218.01 228.01 238.00 Alderney 317.62 332.13 346.78 301.76 315.61 329.43 Sark & Herm 435.67 455.46 475.60 413.86 432.88 451.84 Isle of Man 203.89 213.20 222.61 193.70 202.60 211.47 Guernsey 245.07 255.85 266.60 232.81 243.09 253.23 Jersey 203.10 212.04 220.96 192.96 201.48 209.88 Alderney 294.08 307.01 319.92 279.37 291.70 303.89 Sark & Herm 403.34 421.09 438.78 383.16 400.09 416.78 Isle of Man 188.78 197.08 205.36 179.33 187.25 195.07 IMPORTANT - Please note that these figures are intended for guidance purposes only as the individual cost of rebuilding is very dependent on property type, size, design and location. As such, they should be considered as recommendation only. Where doubt or uncertainty exists a professional valuation is essential. 1. These tables are not appropriate for: (a) (b) (c) Properties with basement cellars. Block of Flats. Houses with special design features. 2. The figures in the charts are based on rebuilding your home to its existing standard using current materials and techniques available. If older houses are required to be reinstated in their original style, a professional valuation is essential. 3. In Alderney, Sark & Herm, if non-local building contractors are required these costs would need to be increased by up to 50%. 4. Rebuilding costs for a single prefabricated concrete garage would cost in the region of 16,400 to 17,700. Rebuilding costs for single garages built from brick or block typically start from 25,900 to 28,600 and range from 57,100 to 82,900 for double garages built from brick or block. You should allow up to an additional 30% for garages which have specifically been designed to blend in with an existing design dwelling. 5