Why House insurance?
If your House gets totally or partially destroyed, most people do not have the funds available to build the house again. Do you?
Your House is different from your neighbor’s – even though it might look the same from the outside. It will require different amounts of money to rebuild your house compared to your neighbor’s. Keep in mind New Zealanders prefer an individual type of construction – to compare to Australia where lots of alike houses.
In the past – just a couple of years ago New Zealanders used to insure their houses for “Area Replacement” – where you would declare the size of the house and the insurer would charge you the premiums. In 2012, House Insurance approached in New Zealand was changed and it is now based on Sum Insured. “Sum Insured” is the total amount required to rebuild your home, including all improvements to your property (excluding land). “Sum Insured” should include Price for the house, garage, retaining walls, decks, outbuildings, garden sheds, driveways, paths, swimming and spa pools, council fees, removal of debris, architects fees, surveyors and consultation fees as well as inflation. It is recommended to have a current valuation done in order to establish the correct amount of “Sum Insured” We all know – it can be quite expensive to get an insurance valuation done and that is why the government and the insurers introduce calculators in order to help homeowners in New Zealand to establish correct value of their houses for insurance purposes.
Request a callback in regards to House Insurance Auckland NZ
If you do not want to establish Sum Insured yourself, you can seek independent advice from a builder, architect, quantity surveyor or registered value. You will have to request a valuation for insurance purposes.
Alternatively, please use one of the tools below to establish the Sum Insured for your House.
Insurance Companies in New Zealand use $2,000 per square meter as a default value; however please keep in mind that most Houses cannot be built again for $2,000 per sqm only due to the reason that if you have to rebuild you would have to take care of the damaged house remaining’s.
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Cordell Comprehensive Residential Valuer
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