‘New for Old’ means that if an item is lost, stolen, or damaged beyond repair, we cover the cost to replace it with a new item of the same type and quality, rather than its current or second-hand value. For example, if your five-year-old sofa is damaged, you would receive enough to buy a brand-new equivalent sofa, not just what your old one might be worth today.
Because our cover is based on replacement value, it can sometimes cost more than expected to replace everything on a new-for-old basis. This is why it’s important to regularly review your sums insured to ensure they reflect today’s prices.
At rivr, all contents and valuables are insured on a new-for-old basis to make sure your home and possessions are fully protected.