Your choice of cover
Regardless of the policy you’ve selected, you also have the choice of insuring your house for either:
Replacement value where we cover the cost of rebuilding, replacing or repairing your house to a new condition – up to a maximum of the sum insured. If you have a loan or mortgage you are required to select this option.
Indemnity value which is more limited and means we cover the cost of rebuilding or repairing your house to a condition no better than new, less an appropriate allowance for depreciation and deferred maintenance – up to a maximum of the sum insured.