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Is the sum insured calculated differently for structure of home & it contents?

April 26, 2017calculated Contents Home insured structure

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Is the sum insured calculated differently for structure of home & it contents?

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Yes, the sum insured is calculated differently for the structure & for its contents, Sum Insured for the structure is calculated based on the Reconstruction value. Whereas the contents of your home such as furniture, durables, clothes, utensils, jewelry, etc. – are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewelry.