How do you insure an architect-designed home?
Building cover
You may be familiar with the term full value in your current home insurance. In most traditional home insurance policies, full value is not stated as an amount; it means that, in the event of a loss, your building is reinstated using modern materials and efficient methods.
This means you may have to compromise and make do with less premium materials when reinstating the building. With us at Brookfield, you can insure buildings for an actual amount and on terms that allow buildings to be reinstated in the same style and to the same high quality.
What does it mean to be underinsured?
Underinsurance means that your sum insured is significantly lower than the actual value of your property. If you are underinsured and suffer a loss, your compensation may be reduced. This is done by reducing the compensation in proportion to the underinsurance. Therefore, it is important to avoid underinsurance by ensuring you have adequate sums insured and then choosing an insurance policy that does not apply an underinsurance clause.
Compensation in the event of underinsurance is calculated as follows: (sum insured / actual value) × loss = compensation paid, minus any excess.
Review your insurance
When we meet our clients for the first time, we often find that they are overinsured for minor risks and underinsured for major ones, and that the cover for the home does not reflect its true value.
We have insured Sweden’s most exclusive homes since 2010, based on the English concept of “High net worth insurance”: an insurance model designed to protect valuable homes and items. You are welcome to contact us if you would like to know more.