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

Westpac Home, Contents, Vehicle and Boat insurance cover is arranged by Westpac New Zealand Limited ("Westpac") and underwritten by IAG New Zealand Limited (”IAG”). None of Westpac Banking Corporation ABN 33 007 457 141, Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by IAG. Westpac will receive commission payments as a result of the arrangement of IAG policies. For IAG's financial strength rating please click here.

The information contained on this page is intended as a general guide only and may vary at times. Terms, conditions, exclusions and limits apply. More detail can be found in the policy document (downloaded here as a PDF), or obtained by calling 0800 809 378. The availability of any insurance cover is subject to the acceptance and approval of a complete application.

Any payment is subject to your claim being accepted.