Get your sum insured sorted

Every home is different and so too is the cost to rebuild it, should the worst happen. We’ve put together a few hints and tips to help you calculate the right sum insured figure for your place.

  • 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.

  • 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 should be included in your total.

  • 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.

use an online calculator to calculate sum insured
  • 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. It includes an adjustment for inflation, but it won’t cover any changes, additions or omissions to your property.

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