Total Sum Insured
Information and resources to help you estimate the likely cost of rebuilding your home.
What is sum insured?
Homes are covered on a Sum Insured basis. This means that instead of being insured for an unspecified replacement cost, you are insured for up to a maximum specified amount. That amount is your Total Sum Insured.
It is important to ensure that the Total Sum Insured amount on your Policy Schedule reflects the likely cost of rebuilding your home (together with Special, Recreational Features and/or Retaining walls specified on the Policy Schedule). If you set your Total Sum Insured too low, you may not have adequate coverage in the event of a loss to your home. If your sum insured is too high, you may be paying too much premium.
There are different ways to estimate the likely cost of rebuilding your home like going to need2know.org.nz where you’ll find an easy-to-use calculator that can help you estimate the likely cost of rebuilding your home. We've also prepared a guide with more information.
Another way is to commission an independent Valuation for Insurance Purposes from a registered valuer or hire a professional assessor or licensed builder.
When your home insurance policy renews, we ask that you check the Total Sum Insured amount on your Policy Schedule and confirm you are comfortable that the Total Sum Insured (including any Special Features, retaining walls, and Recreational Features) is adequate.
If you have any questions or would like changes to be made, please contact your insurance broker.