Understanding your Sum Insured

Westpac Home Cover insurance covers you to repair or rebuild your home to the same extent and condition 'as new', up to a maximum amount you choose, called your Sum Insured. Understanding what this should cover and how much you might need, could help avoid nasty surprises.

Why an accurate Sum Insured is important

The Sum Insured is the maximum you’re covered for in rebuild costs. So it needs to cover not just materials and labour, but other associated costs too, like demolition.
We don’t want you to be caught short, so here’s how you might work out your sum insured.

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:

  • 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.
  • Use an independent online calculator like the Cordell Sum Sure Calculator**.


Find a Quantity Surveyor
Find a Valuer
Use the Cordell Sum Sure Calculator