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Thread: How to calculate Sum Insured of the house and contents?

  1. #1
    PolicyWala Newbie
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    Question How to calculate Sum Insured of the house and contents?



  2. #2
    Super Moderator PolicyWala's Avatar
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    The value of your house is assessed as per the area of your home multiplied by the rate of construction per. sq. feet, as on the date of taking the policy. For example, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your home’s building structure is Rs. 8,00,000.

    The contents are assessed on the market value of the items. This means that if there were a loss, the claim would be paid on the value of purchasing a similar new item, less depreciation for the usage.

  3. #3
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    Do we need to provide a list of all the content?
    If yes, could you please tell me the format of the same (if possible please attach the format here).

  4. #4
    PW Stalwart Manish_Kumar's Avatar
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    Quote Originally Posted by amitz View Post
    Do we need to provide a list of all the content?
    If yes, could you please tell me the format of the same (if possible please attach the format here).
    Yes. Provide list (if you can provide photos, it is best and very easy at the time of claim). Just make a simple list - Name, Make/Model, Year of purchase, current market price. Hope it helps.
    Everyone has a scheme of getting rich.. Which never works.

  5. #5
    Moderator CONFUSED's Avatar
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    Make an excel sheet with the details as mentioned by Manish in the above thread. It would be useful for present and future home insurance and also help you in case of claim. Just to add in the above list mention any serial no or specific no to any content, would be useful in the claim.
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    I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.

  6. #6
    PolicyWala Newbie
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    I have some home contents like Iron, IPod and Electric Kettle etc., these are been gifted to me. So I don't have the receipt of these. Do in claims, it is necessary to submit the receipt?

  7. #7
    PW Stalwart Manish_Kumar's Avatar
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    Receipt are not necessary, You just provide photos and other details like serial no etc.
    Just to add in the above list mention any serial no or specific no to any content, would be useful in the claim.
    provide photos, it is best and very easy at the time of claim
    Everyone has a scheme of getting rich.. Which never works.


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