Home Insurance
Your home is one of your most valuable assets. It’s vital to have the right insurance cover to protect you financially should the unthinkable happen. Your home may be a holiday home or rental property.
Setting your sum insured
- Your sum insured is a dollar value representing the maximum amount the insurer will pay if your home is damaged or destroyed; considering inflation, demolition costs and outbuildings.
- Your sum insured should be set at what it would cost to rebuild your home to the size and standard it originally was (just prior to the loss), not the market or rateable value.
- It’s a good idea to review your sum insured annually. Any changes impacting your rebuild costs, such as inflation on building materials and renovations, can be added to your policy in real time.
To help set the right sum insured for your home, use this free online calculator or contact a registered valuer or quantity surveyor. Please contact your broker to discuss other options.
Increases in home insurance premiums are affecting all New Zealand homeowners
Graph data from Insurance Council of New Zealand
Understanding Natural Hazard Insurance
Natural Hazards Cover (NHCover) provides natural hazard* insurance for residential homes and some of your land. You automatically have NHCover if you have a current private insurance policy for your home (including fire insurance).
The NHCover provides cover up to $300,000 for damage to your home caused by natural hazards. *
*Natural Hazards covered under NHCover: an earthquake, a natural landslip, a volcanic eruption, hydrothermal activity, a tsunami, storm or flood (land cover only), and fire caused by any of these natural hazards.
