Covers the building, the things inside it, or both. Two separate decisions hide inside one policy: the structure is rebuilt at construction cost, while contents are paid at market value unless you specifically buy new-for-old. Most under-insurance on this line comes from confusing the two.

Premiums and claim-settlement ratios are illustrative until sourced from the insurer of record.

Read this before you buy.

• Gradual seepage, damp, wear and poor maintenance
• Theft without forced entry, or by someone living in the house
• Cash, and jewellery above the policy limit unless listed and valued
• Damage while the home is unoccupied beyond 30 or 60 days
• Land value, and losses from unauthorised construction

Home claims turn on proof that the item existed and what it was worth. The photographs you take today are the claim you get paid tomorrow.

1. 01

   Report and secure

   · day 1

   Tell the insurer, stop further damage, and photograph everything before clearing up. For theft, file an FIR the same day.

2. 02

   Surveyor assesses

   · 1–3 days

   They assess cause as well as amount. Seepage over years is wear and not covered; a burst pipe last Tuesday is.

3. 03

   Prove what you owned

   · week 1

   Invoices, warranty cards, photographs. Without proof, contents are settled at the surveyor’s estimate of depreciated value, which is always lower than yours.

4. 04

   Settlement

   · 2–5 weeks

   Structure at rebuild cost, contents at depreciated value unless you bought new-for-old. Alternate accommodation is paid against actual rent receipts.