PROPERTY TO BE COVERED
The sum to be covered must represent the Full Value of the property and/or contents. The Takaful will be subjected to an average which means that if at time of loss or damage, the sum covered is less than the full value of the property, the amount payable is proportionately reduced.
Sum Covered - The amount You have Covered 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 covered at the time of any loss is higher value than the sum Covered 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 Covered.
"Home Building" covers the structures of your property such as walls, gates, fences, fixtures, fittings and garages.
"Home Contents" covers your household contents and personal belongings within your property.