Is my Sum Insured correct?

The Sum Insured should represent the full rebuilding cost of your property, including professional fees, removal of debris costs etc, in the event of a covered loss.

It is your responsibility, as owner of the property, to ensure that this amount represents the rebuilding cost of the property. As such, we strongly recommend that you review the sum insured on a regular basis, making any necessary adjustments.

If you require guidance about the adequacy of your sum insured, we suggest that you arrange for a professional valuation to be carried out. You would have to meet the cost of the valuation yourself.

Note that Ross + Liddell regularly obtain a Reinstatement Cost Assessment (RCA) prepared by an independent Chartered Building Surveyor. Our Insurer requires that we review the Building Sum Insured (BSI), through an updated RCA, every 3-5 years with Building Cost Indexation,
set by the Insurer, being applied to the BSI on an annual basis, where an RCA is not undertaken.