- Type of insurance plan
Your insurance premium will depend on the type of coverage availed. You can choose a plan that covers your home only or both the home and its contents. Depending on your chosen plan, the value of the home, plus the value of the personal belongings in it will be considered.
- Value of home or property
The value of the home doesn’t refer to the actual market value of the home but to the reconstruction cost. This is determined by multiplying the built-up area of the property and the construction rate per square feet.
- Value of contents of home or property
Value of personal belongings must be specified by the insured. Depending on your chosen insurance plan, your provider may cover part of or the whole cost of your belongings.