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Home Insurance – Sum Insured

Your home could be one of the most expensive assets you own.

Back in 2013, most insurance companies changed home insurance policies from open-ended 'replacement' policies to 'sum insured' policies.   
This means the insurance company will only pay up to the sum insured that you choose, not for the open-ended replacement of your home if it is destroyed. The sum insured is the maximum amount an insurer will spend to reinstate your home in an event of a claim.
Paeroa Insurance house with smiling people
You may have had a 'replacement' policy, however at the time of policy renewal the terms and conditions may have been amended and unless you read through the renewal paper work, the change may have been missed.

What do you need to do?

Ensure you read any correspondence you receive from your insurance company

If your policy has changed or is going to change to 'Sum Insured', you will be required to work out a replacement value for your home.

The 'Sum Insured' should be the amount it would cost to completely rebuild your home, including features such as driveways & paving, fences, sheds, swimming pools and entertainment areas.

How do you do that?

Use a web based service e.g.

Get a Valuation for Insurance Purposes done by a registered valuer or estimate from a licensed builder or building assessor.

 Paeroa Insurance hands around ball  

What if you get it wrong?  You will lose out.

Why? In the event of a claim the sum insured may not be sufficient to replace your home.

If in doubt... Seek professional assistance from an insurance broker.  Insurance brokers are independent and can help find the right policy for you.