HOUSE INSURANCE

Your home is probably your largest single financial investment. You must ensure that its buildings and contents are properly insured. No matter how big or small your home is, we can find the right balance to matches all your needs. We can cater for policies that can include a combination of the following covers:

Fire, Lightning, Explosion, Smoke, Earthquake
Burglary or attempted Theft
Cost of replacing locks and keys
Storm, Flood, Escape of water or oil
Riot, Strikes, Labour and Political disturbances
Vandalism, Malicious Damage
Impact by vehicles or animals
Falling of aerial objects
Damage to public services
Rent and cost of reasonable alternative accommodation
Common areas in case of apartments
Property owner’s liability
Accidental damage to audio-visual equipment
Accidental damage to computers
Contents temporarily removed
Liability as tenants and to the public
Accidents to servants and damages to their goods
Fatal injury to the Insured
Accidental breakage of fixed glass, sanitary fittings
Accidental breakage of underground services

Fixing your sum insured

This means when you take out a new house insurance policy you’ll now need to specify the amount it would cost to fully rebuild your house. This is called the sum insured, and it’s the maximum your insurance company will pay out if your home is destroyed. It is now your responsibility to ensure this figure is enough to rebuild your home in case of a total loss and to keep this figure up-to-date.

Your sum insured is not the same as your house’s market value. It’s the likely cost of replacing your home on its current site, based on its current:

Size
Standard and type of construction
Structures, like decks, driveways, sheds, garages, retaining walls, fencing and outbuildings
Period features (typically in villas and bungalows)
Special features like permanent swimming and spa pools.

This amount needs to include everything it would cost to rebuild your home, including:

Building material and labour costs
Demolition and removal of debris
Site preparation
Professional fees
Compliance costs

Your architect could help you calculate the sum insured.

For a list of local architects:

https://www.yellow.com.mt/headings/Engineers-Structural

Ask for full theft cover which does not require forcible and violent entry in the event of theft.

Acts of God are covered

Replacement of door locks covered

Accidental damage to fixed glass automatically covered... and lots more

HOUSE INSURANCE

Fixing your sum insured

ADDITIONAL INFORMATION

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