Insurance companies are changing the way they offer insurance cover to homeowners. Most house insurance policies provided full replacement cover where a home was a write-off, in a house fire or earthquake for example.
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A shift to “sum insured” rather than current full replacement or reinstatement will require property owners to be proactive to ensure any building and improvements are adequately covered. Possibly a need to provide insurance certificates (or similar certification) to identify clearly the sum insured.