Home Sum Insured Calculator

​​Not sure how much your house or dwelling should be insured for?
This handy sum insured calculator will help give you a basic estimate.

Changing From Square Meters to Sum Insured

Most New Zealand insurance providers are changing the way we insure homes and farm buildings. Instead of replacement based on square meters, the replacement cover will be limited to a sum insured. That means if you make a claim which is covered by your policy, you will be paid the cost to rebuild up to a specified sum insured. It is important to set your sum insured which should be enough to replace your homes or farm buildings and other improvements on your property if the worst happened and they were totally destroyed.

The new Home Plan insurance policy applies from 29 April 2013. Existing Home Plan policies will change as they renew from 1 July 2013 onward. The new Agri-Plan insurance policy applies from 1 July 2013. Existing rural cover will also change from 1 July 2013 onward.

So what do you need to do?

Start estimating the cost to completely replace your home and farm buildings. To help you with that, you can try one of the following:

  • Seek independent advice from a builder, architect, quantity surveyor, registered valuer (make sure the valuation is for insurance purposes and does not include any market value component or land value); or
  • You can use the below online calculator provided by Cordell. This calculator will give you an estimate based on the information you provide about your home.


This information is general in nature only. It does not constitute a recommendation, opinion or guidance as to the sum insured figure that is appropriate for your individual circumstances. It does not constitute a recommendation, opinion or guidance as to the relative merits of the current replacement cost insurance cover versus the new maximum sum insured insurance cover. This information does not take into account your particular financial situation, needs or goals, or tolerance for risk. Whilst every effort has been made to ensure that the information is accurate, you should not rely on this information to make any financial decision.

The Cordell calculator is provided by Cordell Information Pty Ltd. It uses typical building replacement costs based on Cordell's research to provide an estimated typical building replacement cost.

The cost of rebuilding your home will depend on the specific details of your home. If you want advice on the cost of rebuilding your home you need to contact a valuation or building professional.