PROPERTY TO BE INSURED
The sum to be insured must represent the Full Value of the property and/or contents. The Insurance will be subjected to an average which means that if at time of loss or damage, the sum insured is less than the full value of the property, the amount payable is proportionately reduced.
Sum Insured - The amount You have Insured on either Your property, Your contents (including specified contents) as shown on the Schedule. This shall include the Additional Benefits and any of the Optional Benefits selected by You.
Average - If the market value of the property Insured at the time of any loss is collectively of higher value than the sum Insured stated in the Schedule, then You will be responsible for the difference and bear a proportional share of the loss. The sharing of proportional loss will apply separately to each item Insured.
"Home Building" covers the property and structures such as walls, gates, fences, fixtures, fittings and garages.
"Home Contents" covers your household contents and personal belongings within your property.