Get your sum insured sorted

Every home is different and so too is the cost to rebuild it. We’ve put together a few tips to help you calculate the sum insured value for your place.

• Working out your sum insured. There are several ways to calculate the cost of rebuilding your home, including using an online calculator such as the Cordell Sum Sure Calculator, or if it’s not standard or has special features then contact a builder, architect, quantity surveyor or other valuation expert to help you work it out.

• What else to consider in the rebuild cost. Remember to take into account other items on your property, not just your house. For example, an external garage, fences, paving, driveway or retaining walls can also contribute to your sum insured. It's worth checking with your insurance provider to understand what is covered under your policy and will need to be included in your calculations.

• Renovate and update. If you’ve built on a deck, swimming pool or a new room to your home, you’ll need to update your sum insured to include these additions.

• First-time home insurance buyer. Don’t rely on market value or your purchase price to calculate your sum insured, as these include the land. Instead, use an online calculator or valuation expert to determine a figure, before you get a quote.

• Keep it up-to-date. Check your sum insured figure each year when your policy comes up for renewal. This allows you to ensure that your sum insured has taken into account any changes, additions or omissions to your property, and any changes due to increases in building costs and inflation.

• Switching insurers? Cover can differ between insurers, so check your sum insured is correct when you switch, and that your new policy covers everything the previous one did.