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Understanding your
Sum Insured

Understanding your Sum Insured

Knowing the total cost to rebuild your home can be difficult. So, we’ve delved into the details to give you a better idea of exactly what your Sum Insured is, and how to calculate it.

Using Cordell Sum Sure

The Cordell Sum Sure calculator is a good place to start. It’s helpful in giving you a good estimated figure of the cost to rebuild your home based on construction costs, allowances for professional fees, demolition, removal of debris and GST.

Calculate your Sum Insured

What is your Sum Insured?

When you first take out Home Insurance with AMI, we’ll ask you to specify the total amount you would need to rebuild your home to the same quality – this is your Sum Insured. Your Sum Insured is made up of your Home Sum Insured, and the Sum Insured for any Special Features you buy cover for. It’s the maximum amount to be paid, after any applicable excess, if your house was wiped out by a natural disaster or suffered significant damage from major events like flooding or fire. It not only needs to cover materials and labour, but other costs to rebuild your home like demolition, consents and other fees.


What do I need to do?

It’s always a good time to review your Sum Insured no matter where you are in your journey with us.

I'm new to AMI

Welcome! Let’s get your Sum Insured figured out for your home policy. The Cordell Sum Sure calculator is a great place to start to get an estimate. Once you’ve crunched the numbers, get in touch for a quote or get one online.


Calculate your sum insured

I'm an existing AMI customer

Thanks for sticking with AMI and trusting us to take care of your home. It’s a good idea to review your Sum Insured at least every year when your policy comes up for renewal. We’ll adjust your Sum Insured at renewal for changes in building costs but if you are making changes or additions to your home you should contact us immediately to ensure this is covered.

Once you’ve used the Cordell Sum Sure calculator or got a professional in to re-evaluate your Sum Insured, get in touch and we’ll set your new total amount.

Contact Us

I've just bought or built a house

This is such an exciting time! We’re so pleased you’ve chosen us to insure your newest asset.

Use the Cordell Sum Sure calculator or get a professional in to assess your new property. When you have an estimate you’re happy with, get in touch for a quote or get one online.

Calculate your sum insured

What Sum Insured is:

  • The estimated maximum amount it would cost to repair or rebuild your home if it was destroyed, including Recreational Features, Retaining Walls and Special Features.
  • An amount that covers materials and labour as well as costs like demolition, consents and other fees.
  • An amount you need to choose.

What Sum Insured isn't:

  • It's not the rateable value (RV) or capital value (CV) of your home.
  • The market value or the price you paid for your home.
  • It's not the value of the land.
  • It's not automatically inclusive of Special Features (such as a bridge, jetty or cable car) on your property - you may need additional cover for these.

Getting your Sum Insured right

If your Sum Insured is too low, you may not be able to repair or rebuild your home to the same size and quality. You could also find yourself paying for some of the repairs or rebuild yourself. So, it’s really important to get it right.