Sum Insured – an essential part of Home Insurance

With Westpac Home Cover insurance, you’re covered for the cost to repair or rebuild your home if it were damaged or destroyed, up to a Sum Insured.  It’s important you establish an appropriate Sum Insured for your home, to avoid any nasty surprises if your home needs a major repair or rebuild.

Why’s an accurate Sum Insured so important?

  • the Sum Insured is the maximum you’re covered for in rebuild costs – that includes all costs associated with rebuilding your home, not just the construction itself. This could be additional expenses like demolition, debris removal, professional fees or compliance costs.
  • your Sum Insured should be specific to your property to ensure it’s accurate. From the materials your home is made of to the type of land it’s on and other features like your driveway, garage, pool or other structures – they’re all important factors.
  • using an average rebuild cost per square metre won’t always be correct for your home. It may be too high or too low depending on a wide range of factors.

Getting your Sum Insured sorted

Step 1: Understand what your Sum Insured should cover

Your Sum Insured should be enough to cover the total cost of rebuilding your home – this includes:

  • the home itself
  • the driveway
  • fences, decks, paths and patios
  • swimming pools
  • retaining walls
  • garages
  • any other structures like sheds, brick BBQs and gazebos
  • demolition and debris removal
  • professional fees
  • compliance costs.

Step 2: Calculate your Sum Insured

To calculate your Sum Insured you have a couple of options:

  1. use a professional such as a Quantity Surveyor or Valuer. This is likely to provide you with the most accurate rebuild estimation, but you’ll need to pay for their services.
  2. or you can use an independent online calculator like the Cordell Sum Sure Calculator**.


Find a Quantity Surveyor

Find a Valuer

Use the Cordell Sum Sure Calculator