Park home insurance

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What sum insured should I have for my park home?

Having an adequate sum insured is extremely important. So how should you go about ensuring your sum insured is big enough? The following provides a guide:

New for old (also known as reinstatement)

It is essential that you insure for the cost of a brand new park home of equivalent size and quality. The same applies to its furnishings and equipment, the only exception being clothing and domestic linen where an allowance for wear and tear should be made. Use this guide to help you calculate the correct sums insured:

• The new cost of an equivalent park home as supplied to you by your park owner or the manufacturer (whichever is greater) plus an additional amount to allow for any increase in the price during the period of insurance being purchased.
• An allowance for site clearance, debris removal, delivery and re-siting necessary in the event of a total loss.
• The new cost of outbuildings, extensions and other structural improvements/additions e.g. verandas.
• The new cost of additional equipment and fittings (e.g. TV, radio, furnishings, cutlery, crockery, cooking equipment etc.).
• Household linen, clothing and personal belongings used or associated with the park home.

Market value (also known as indemnity)

The park home and its contents should be insured for their current market value taking into account age, wear and tear.

• The market value of your park home
• An allowance for site clearance, debris removal, delivery and re-siting necessary in the event of a total loss.
• The market value of outbuildings, extensions and other structural improvements/additions e.g. verandas.
• The market value of additional equipment and fittings (e.g. TV, radio, furnishings, cutlery, crockery, cooking equipment, household linen, clothing and personal belongings used or associated with the park home).