OREANDA-NEWS. April 09, 2013. New terms and conditions of Swedbank home insurance took effect which automatically apply to both new and existing clients. The updates further extend the bank’s already comprehensive cover and, in many cases, lower the excess limit.

“One amendment which can be highlighted is that from now on all apartments and buildings will always be insured on the basis of their reinstatement value, with no sum insured in numbers specified in the policy,” explained Ivika Torpel, Managing Director of Swedbank P&C Insurance AS Estonia. “This means that in the event of a loss, restoration of your home to its condition preceding the insured event is guaranteed and it is no longer limited by the sum insured.

In addition, we have lowered the excess amount, which is now the same for both apartments and houses – 90 euros. Until now, an excess of 95 euros applied in the case of apartments, while for houses the excess amounted to 190 euros. In the event of replacement of damaged locks, no excess applies.”

Along with the revision of the terms and conditions, the cover for facilities has also been extended – instead of the current limit of a total area of 10 m2, facilities of up to 20 m2 are now covered. In addition, no upper limit for the facilities sum insured applies, which previously amounted to 10,000 euros.

“From now on we will also be providing insurance cover on the home contents of the person entering into the home insurance contract,” Torpel added. “This may comprise up to 5% of the sum insured of the home contents specified in the contract. One of the updates concerns the cover provided for cash held at home to the extent of 500 euros.”

All updates are outlined in Swedbank’s Internet bank at www.swedbank.ee/kodukindlustus.