Your home sum insured is the maximum amount we will pay to rebuild your home or rental property in the unlikely event your home is a total loss because of a natural disaster (in other types of claims, we may use replacement cover).
Your home sum insured is noted on your policy schedule. You’re responsible for telling us the amount you would like to set as your sum insured when you take out a policy with us, and at each renewal. At renewal, your sum insured may include an adjustment for inflation, but it won’t include any adjustments for any changes, additions or omissions to your property. Sum insured does not refer to the market value of your property or how much you paid for your house but to the cost of rebuilding.
To select a sum insured, you need to determine the cost of completely rebuilding your home, including features such as swimming pools, fences, sheds and paving. You're responsible for providing us with the sum insured amount when setting up your cover, determining its adequacy and keeping it up to date.
You can find more information about sum insured, including things to consider and tools to help calculate your sum insured, here. For full details of what you're covered for, please refer to your policy document.