Sum insured
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What is sum insured?
Sum insured is the maximum amount that an insurance company will pay out for an insurance claim related to material damage within the property or loss of a building.
The value of sum insured relates directly to the amount of premium you are asked to pay. It is not always related to the property's actual value. The property can be valued at more or less than the sum insured, they are not the same thing.
If you feel your sum insured is too low or too high, you can change it. Please go to How to change your sum insured? (below) for details of how you can do this. We will need you to sign a form to make sure that you fully understand the implications of changing your sum insured.
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How to get an accurate sum insured?
It is worth seeking advice on how to calculate the rebuild cost for your property. Calculators can be found online. Here is one that you may find useful.
The responsibility for maintaining an adequate sum insured remains with you. You should advise us of any variation in the sum insured required due to alterations to your property. The sum insured must include the cost of rebuilding and the cost of architects’, surveyors’ fees, and the removal of debris.
This insurance applies to the buildings of your flat and common parts for which you are responsible, as declared in the deeds.
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How to change your sum insured?
Download and complete the Leaseholder Sum Insured change form.
We need the form to be physically signed. It must be printed, signed, and returned to us either at Wednesfield Housing Office, Alfred Squire Road, Wednesfield, WV11 1XU or can be emailed here.
If you cannot download the form, please let us know and we will post a copy to you.
If you change your sum insured, a new premium will be calculated, and your service charge account will be updated. If you pay by Direct Debit, this will be changed to reflect the new premium.