Cover for Valuable Contents under a standard home insurance policy

This is an optional cover under a standard home insurance policy

Cover for Valuable Contents on Agreed Value Basis (under Home Contents cover): 

For Valuable Contents, a value may be agreed upon by You and the Insurer based on a valuation certificate submitted by You and accepted by the Insurer. However, the Insurer shall waive the requirement of valuation certificate if the Sum Insured opted for is up to 5 Lakh (Rupees Five Lakh) and Individual item value does not exceed 1 Lakh (Rupees One Lakh).

 i. If the Valuable Contents of Your Home are physically damaged by any Insured Event, the Insurer will pay the cost of repairing the item/s. 

ii. If the Valuable Contents of Your Home are a Total Loss the Insurer will pay the Sum Insured shown in the Policy Schedule for the Valuable item/s. If the Policy Schedule shows any limit for any item, or category or groups of items, such limit is the maximum the Insurer will pay for that item. Loss to only one item of a pair or set does not constitute loss or damage to the entire pair or set