What should you look out for in an insurance policy?

The sum insured

Does it match the actual value? For home contents count on replacement value, for buildings at rebuild value, for business interruption on gross profit multiplied by a realistic period.

A guarantee against underinsurance prevents a proportionately lower payout.

The exclusions

More important than what is covered. Almost everywhere: wear and tear, gradual damage, intent and deferred maintenance.

Different for each policy: care, custody and control, inherent defect, away from home, and restrictions on certain activities.

The sub-limits and the excess

Look at the maximum amounts per category — jewellery, audiovisual equipment, collections — and whether they match what you own.

The excess applies per event and sometimes differs per section.

The clauses

This is the part most often skipped. Your policy schedule sometimes sets out conditions you have to meet: a particular lock, a safe, periodic cleaning, a valid inspection.

If you do not meet them when you claim, the payment can be restricted. Read them and adjust your practice accordingly.