It's time to
measure
your home's
rebuild cost

You may have heard
about the new approach
that insurers, including
Vero, are now using -
Sum Insured

Don't worry, this change isn't as
complicated as you may think.

Until now, your home insurance policy didn’t specify a dollar limit – your premiums were simply calculated on the number of square metres you had insured. But from now on, homes will be covered for rebuild or repair up to a specified maximum value. This value is called the Sum Insured, and you should choose the amount that is right for you and your needs.

Option 1:

Renew using our
default Sum Insured

When your policy comes up for renewal, we’ll send you a default Sum Insured amount based on a calculation of $2,000 per square metre for the number of square metres recorded on your policy. The default amount does not take into account the particular features of your home such as the materials, quality or location.

You may need more cover, especially if your home has features like decks and pools, or other improvements. If that's the case, have a look at options two and three.

Option 2:

Calculate the rebuild
cost yourself

The Cordell calculator is an independent online calculator which can help you work out the Sum Insured value of your home. The calculation is based on typical rebuild costs for houses with similar materials and features. When estimating your home’s rebuild cost yourself, here are some things to consider.

Remember, your broker is there to help so if you get stuck or are unsure of something, give them a call.

Option 3:

Obtain a cost from
a professional

Alternatively, a quantity surveyor, builder, valuer, or other suitably qualified professional can provide you with an estimated rebuild cost. Getting expert advice ensures that all the unique aspects of your home are taken into account.

Once you’ve chosen an appropriate Sum
Insured for your home, contact your
broker to renew your insurance cover.

Click here to find a broker if you don’t already have one.

For more information, see our Frequently asked questions.

Some things to consider

If you’re estimating your home’s rebuild cost yourself, remember to consider the following features. These can all have an impact on the cost of rebuilding.

Decks
Driveways
Fencing
Floor construction
Garages and carports
Landscaping
Number of storeys
Paving
Pools and tennis courts
Watertanks
Roofing
Retaining wall
Download as a printable PDF

Frequently asked questions

Contact

Talk to your broker about your insurance needs or any questions you may have on Sum Insured. Click here to find a broker if you dont already have one, or click here for the Vero website.

For general enquiries or feedback email:suminsured@vero.co.nz or ask us below:

Disclaimer

This information is general in nature only. It does not constitute a recommendation, opinion or guidance as to the sum insured figure that is appropriate for your individual circumstances. It does not constitute a recommendation, opinion or guidance as to the relative merits of the current replacement cost insurance cover versus the new maximum sum insured insurance cover provided by Vero. This information does not constitute personalised financial advice; it does not take into account your particular financial situation, needs or goals, or tolerance for risk. Whilst every effort has been made to ensure that the information is accurate, you should not rely on this information to make any financial decision