Sum Insured for your Home

Our Home policies provide cover for the cost to rebuild your home up to a Sum Insured. This means, in the event of a total loss (a loss that requires the complete rebuild of your house), we will cover your rebuild costs up to the Sum Insured specified in your Policy Schedule.

It is important that you ensure your Sum Insured is adequate to cover all costs associated with rebuilding your home.

Here’s how to establish your Sum Insured

No two houses are alike.

You may live in a renovated villa, a modern architecturally-designed house, or a 1960s brick and tile house. Even if they all had the same floor area, the cost of rebuilding them would vary significantly depending on materials, fittings, design factors, terrain and additional buildings.

Step One: Understand what your Sum Insured should cover

It’s very important that your Sum Insured is sufficient to cover the total cost of rebuilding your home including costs to rebuild your driveway, fences, swimming pool, tennis courts, sheds, garages and any other structures.  It should also include other costs associated with rebuilding such as demolition, debris removal, professional fees and compliance costs.

Step Two: Establish the rebuild cost of your home

Establishing the appropriate Sum Insured ensures that in the event of a total loss (i.e. a loss that requires the complete rebuild of your house), your policy will provide cover for the full rebuild of your home.

You can establish your Sum Insured by obtaining an estimate of the cost to rebuild your home from a builder, valuer, quantity surveyor, or other suitably qualified professional.

An independent online calculation tool, such as that provided by Cordell, can also assist in providing an estimate of the rebuild cost of your home.

The Cordell calculator* can assist with establishing a Sum Insured for your home

Cordell provides an independent online calculation tool which takes you through a series of questions about your home. Using your responses, it will calculate an estimate to rebuild your home based on industry average costs. We have procured a licence to allow our customers full use of this tool to assist with establishing a Sum Insured.


  • What is the Cordell calculator*?

  • What information will I need to know when using the Cordell calculator*?

  • How do I find out the floor area of my home?

  • I don't know what Sum Insured to select. What should I do?

  • Is the rebuild cost different than the value of my home?

  • Will you pay me my full Sum Insured in the event of a total loss?

  • Will my Home Cover policy provide full replacement cover?

  • How does the Special Excess for Natural Disaster change my policy?

  • Do I need to provide a Sum Insured for my new Home Policy?

  • Do I need to provide a Sum Insured for the renewal of my Home policy?

  • Will my Sum Insured be adjusted each year?

  • Is there GST on my Home cover?


* Access to the Cordell calculator is provided for your assistance only. Whilst Lumley has procured a licence to allow customers full use of the Cordell tool, it accepts no responsibility or liability for the availability, content or use of such websites.

The information provided on this website page is general information only. It does not constitute a recommendation or opinion as to the Sum Insured that is appropriate for your individual circumstances. This information does not constitute personalised financial advice; it does not take into account your particular financial situation or goals. To the extent that any of this information constitutes financial advice, it is class advice only. If you would like advice that takes into account your particular financial situation or goals, please contact a financial adviser. Although every effort has been made to ensure that the information is accurate, you should not rely on this information to make any financial decision.

Typical building replacement costs are provided by Cordell Information Pty Ltd (A.B.N. 95 159 137 274) (‘Cordell’). Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Cordell for its accuracy. Please check with an architect, builder, quantity surveyor, valuer or other suitably qualified professional for an accurate estimate. Lumley, a business division of IAG New Zealand Limited (or a relevant related company, as the case may be) take no responsibility for the estimated costs provided by Cordell nor any liability for the accuracy of or reliance upon or use of the costs.