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Home insurance

Home rebuild valuations

New Zealand insurance companies require homes to be insured up to a specified amount in order to know the maximum they would have to pay for a rebuild. This Is known as Sum Insured. In the event of a disaster, you will receive no more than the Sum Insured amount, even if the actual cost of rebuilding your home turns out to be greater. 

How much do I insure my house for?

You are responsible for setting your own total Sum Insured for your home insurance policy and ensuring your rebuild costs are kept up to date.

Getting the amount needed to rebuild your home right is essential. If you set the sum too low, it could be the difference between a two- and three-bedroom home or no deck or garage. Have you considered demolition and removal costs? Would you be able to find the extra money to complete your home without insurance? If you set the Sum Insured amount too high, you may be paying too much for your home insurance.

A rebuild valuation from a licensed builder or quantity surveyor is the best way to ensure an accurate Sum Insured figure for your property. 

Understanding your home’s Sum Insured

It's important that you understand what your home's Sum Insured covers and what it doesn't. You may need to add additional cover for retaining walls, recreational features, special features or carpets.  

  • Market valuations shouldn’t be used for setting your sum insured because they are not based on rebuild costs and will also include the value of the land. 
  • Underinsuring your home to help keep the premiums down can be false economy, especially when the cost for the right coverage may surprise you.
  • Industry professionals recommend you review your home insurance thoroughly every three to five years. 

For more details on Sum Insured go to need2know.org.nz.

Help with home insurance

For most people their home is also their largest asset. So, it's important your home's Sum Insured amount accurately reflects the potential cost of rebuilding your home. 

If you'd like to find out what you to do when your home policy renews, adjust the Sum Insured provided on your policy schedule, or take out a new home insurance policy, talk to our home insurance experts. 

We're here to ensure you get the right cover for real risks you face.  We’ll guide you through the process of setting the Sum Insured and compare home insurance quotes for your home. 

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