Your home sum insured is the amount you choose to insure your home for. It should be enough to cover the cost of rebuilding or repairing your home if the unexpected happens, like a fire, flood, or major storm. Your total sum insured is your home sum insured, plus any special features you add to your home insurance policy.
Your total sum insured is the maximum amount we’ll pay in a claim, if your home or rental home is beyond repair (minus your excess). That’s why it’s important to make sure it’s enough to rebuild.
To help you work out the right amount, you can use the independent Sum Sure calculator* or get a registered property valuation.
If your home is devastated by fire or explosion, we’ll cover the full cost to rebuild to the floor area in your policy schedule, even if it costs more than your home sum insured amount.
To qualify for Replacement cover1, simply use the Sum Sure calculator and set your sum insured at or above the suggested estimate. If your home is valued over $1.5 million, you’ll need a registered property valuation instead.
the costs to rebuild your home including building materials, labour, demolition, debris removal, compliance costs, professional fees and GST
swimming pools and retaining walls up to $50,000, driveways
bridges, culverts, permanent fords and dams up to $15,000.
Some features on your property aren’t automatically included in your sum insured. For example; swimming pools and retaining walls over $50,000, wharves, cable cars and jetties. These may need to be listed separately as ‘special features’ on your policy with their own sum insured amount.
When you purchase new Home insurance, it's important to accurately set your sum insured to ensure your home is completely protected.
If you’ve renovated your home or increased its value with new additions, like a swimming pool, it’s a good idea to update your sum insured. This ensures your upgrades are also protected.
1 Replacement cover. For more information on Replacement cover, read your policy wording.
Using the Sum Sure calculator
This independent tool is a helpful way to estimate your home’s sum insured. It doesn’t replace a registered property valuation or quantity surveyor estimate. It’s up to you to make sure your sum insured is accurate and provides the right level of cover for your home.
