We recommend that it should be done every three years to ensure it is fairly accurate.
Your sum insured should represent the cost to rebuild as new, but excluding land. Then, add to this up to 10% for Architects and Surveyors Fees and Cost for Removal of Debris.
The purchase price of your home does not normally equate to the rebuilding/replacement value... although, it can be. The same for the amount of your mortgage. It is better to get professional advice.
Unfortunately, we are not qualified to give valuations. So, we suggest you contact a Real Estate Appraiser or Quantity Surveyor who is qualified.
If my Building(s) sum insured does not represent the full cost to rebuild as new, will partial losses up to this figure be paid in full?
Only if the sum insured represents at least 85% of the replacement value, which is a special concession offered by Cayman First. The Condition of Average principle will still apply if value is less than 85%. If the value is less than the 85%, then you will be considered your own insurer for the difference [...]
Example: Rebuilding Cost of the Home Policy Sum Insured Amount Claimed Amount Paid $200,000 $100,000 $ 75,000 $ 37,500 In the above example, the policy sum insured is only 50% of the rebuilding cost (i.e. $100,000 / $200,000). Since this is outside the 85% [...]
Yes. There is no limit – the limit of the overall Buildings sum insured applies.
Sea walls, docks, piers, jetties or similar waterside structures.
No. It is on a specified events basis. However, we do also include Accidental Damage cover FREE of charge.
These are: Fire, explosion, lightning, smoke. Earthquake or volcanic eruption including flood or overflow of the sea caused by these events. Tsunami, hurricane, cyclone, tornado or windstorm including tidal wave, flood or overflow of the sea caused by these events. Flood or overflow of the sea not caused by b or c above. Collision involving [...]