Average - Domestic Contents
The condition of average states that if at the time of loss or damage the value of your property is greater than the sum insured selected you will be considered your own insurer for the difference in the event of a total loss or pay a rateable portion towards a partial loss. It is therefore very important to insure your property for the correct values to ensure that you are adequately compensated by the insurance company when you have a loss. The following is a guide in selecting sums insured under the sections subject to the average condition:
Contents & All Risks – replacement value, i.e. what it would cost to replace any one item and/or your entire household contents at today’s prices including VAT. A standard inventory form is available to assist you in calculating the value of the contents room by room.