Your home sum insured is the amount you choose to insure your home for. It needs to cover the cost to rebuild or repair if disaster strikes. Think fire, flood, or a rogue storm. Your total sum insured is your home sum insured, plus any special features you add to your home insurance policy.
Your sum insured is the most you’ll get if you need to claim for a total loss (minus your excess). To help figure out your home or rental home’s sum insured, you can use the handy Sum Sure calculator* or get a registered property valuation. Tick. Done.
If your home goes up in flames or explodes, we’ll cover the rebuild cost to the floor area in your policy schedule. No matter the amount. Woohoo! To qualify, use the Sum Sure calculator* and set your sum insured at or above the Sum Sure estimate. For homes worth over $1.5 million, you’ll need a registered property valuation instead.
Your sum insured doesn’t cover special features. Some big-ticket items on your property may need to be listed separately on your policy with their own sum insured amount. For example, pools and retaining walls over $50,000, wharfs, cable cars, and jetties.
Sort your sum insured so it’s ready to go with new Home insurance cover. Too easy.
This is a great time to check and update your sum insured. Plus, you can update it anytime in the State app or My State, your online account to stay fully covered. Nice.
Update your sum insured amount if you’ve refreshed or added spiffy new features to your home.
The Sum Sure calculator is an independent, handy guide only. It doesn’t replace a registered valuation or quantity surveyor estimate. It’s up to you to set the right sum insured and make sure it’s spot on.
