Sum Insured

Home Insurance is based on the rebuild cost of your home. This is called your Sum Insured, and it will be the maximum we will pay to rebuild your home in the event of a natural disaster.

More about the Sum Insured calculator

Read our Sum Insured FAQs

What do I need to do?

I'm an existing customer...

Renewing your policy? It’s a good time to check your Sum Insured figure each year when your policy comes up for renewal, to make sure it’s up-to-date and will still sufficiently cover the rebuild of your home. While your policy will include an adjustment for inflation, it won’t include any changes, additions or omissions to your property.

You will need to:

  1. Calculate your Sum Insured
  2. Contact us and let us know the new value

I'm switching insurers...

Have you calculated your Sum Insured figure already? If yes, then check it’s correct, and your new policy covers everything in the same way as your previous policy, as cover can differ between insurance companies. Once you’re happy with the figure, use it to get a quote.

Next steps:

Read our Sum Insured FAQs

Calculate your Sum Insured

Use the result to get a quote

I'm a first time buyer...

It’s important you don’t rely on market value or your purchase price to determine your Sum Insured. In most cases the rebuild cost will differ from both of these values, as they take into consideration different elements (e.g. land).

You will need to:

  1. Calculate your Sum Insured
  2. Use the result to get a quote

Sum Insured calculations

Every home is different and the rebuild cost will vary depending on a number of things, so it’s important you take the time to calculate a figure that is right for you.

As a homeowner, you are in the best position to know the details of your own home – so it makes good sense for you to determine your own rebuild cost. When calculating this cost, it’s important to take into account other items on your property, not just your house (for instance driveways, paving, fences, external garages and retaining walls). See ‘Things to consider’ for more information.

Some ways to help you calculate your Sum Insured include:

Use the online calculator

The Cordell Sum Sure Calculator provides estimated typical building replacement costs for standard residential homes. It's important to note that this calculator may not be suitable for homes with special features.

Free Cordell Sum Sure calculator

Contact an expert

A builder, architect, quantity surveyor or other valuation expert can provide an estimated rebuild cost for your property. Use the links below to find an expert near you:

New Zealand Institute of Quantity Surveyors

Registered Master Builders

New Zealand Institute of Valuers

Things to Consider

Below is a list of some of the things you need to consider when calculating your rebuild cost. Please note this is not a complete list, just a few suggestions to get you started. Some policy limits apply.


Higher quality homes are more expensive to build. So consider:


Consider the quality of fittings inside your home. Include:


You need to include the cost to replace:

Demolition and Site Clearance

It's important you include:

Gardens & Surrounds

It's important you include:

Frequently asked questions

For full details of what to include in your Sum Insured, please refer to our Home Insurance policy or for further information please see our FAQs below.


This is general information and is not a recommendation, opinion or guidance on the Sum Insured that is appropriate for any of our customers.  Nor does this information provide any advice or opinion on the extent or adequacy of the cover provided by Sum Insured insurance. This information is not personalised financial advice and does not take into account the particular situation of our customers. Customers must make their own decision on the Sum Insured that is appropriate for their circumstances.