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Why do I have to insure my dwelling for an insured value?

Historically in New Zealand, home insurance policies provided over up to the  area size of the home; after the Canterbury Earthquakes this changed. Our Home insurance policies now provide cover for the cost to rebuild your home up to the Sum Insured, which brings New Zealand into alignment with the rest of the world.

In the event of a total loss (a loss that requires the complete rebuild of your house), we will cover your rebuild costs up to the Sum Insured specified in your Policy Schedule. It is important that you ensure your Sum Insured is adequate to cover all costs associated with rebuilding your home. Details about how to calculate your sum insured can be found in our resources section.

The initio quote calculator will default to $2,000 per square meter replacement value. This is not a sum insured calculator, and may not be an accurate reflection of the cost to rebuild your home. The sum insured can be over typed with a replacement value that you determine. We are not valuers and cannot advise you on the sum insured; to obtain an accurate replacement value we recommend engaging a valuer or quantity surveyor.  Online calculators, are also available.

For more information on the change to sum insured click here