Now’s a great time to check that FMG has the correct information about your house.
When calculating your house’s sum insured amount, FMG has sought expert advice on the rebuild costs for different house construction types. Please note that while we’ve made every attempt to calculate an accurate rebuild cost, this amount is only an indication of what you may need to rebuild your house if something happens.
Advice to help you determine the correct sum insured for your house is available on our website, including a comprehensive guide. There is also information on the different basis of house claim settlements. Of course, we’re always available to talk through your situation, so don’t hesitate to contact us.
If you’ve any doubts, or your house has special or unique features, you may wish to get an independent valuation to establish a suitable sum insured. This can be done by using a:
- registered valuer: nziv.org.nz
- quantity surveyor: nziqs.co.nz
- licensed builder: lbp.govt.nz
What is a sum insured?
Your sum insured is shown on the policy certificate. This is the maximum payable for any claim so should reflect the cost to rebuild your home, including demolition and removal of debris costs, and professional fees. It should not include the land value and should not be based on the market value or rateable value.
It may cost less than you think to increase your house’s sum insured
Here are some examples:
Kate’s house in Lake Wanaka
Kate has a superior house in Lake Wanaka and upon reviewing her policy documents realised that her square metre area didn’t include her deck. She called and added the 50 square metre deck with a sum insured of $25,000. This increased her annual premium by $32.
Kirsten and Anton’s Farmhouse
Kirsten and Anton live in a 150sqm brick farmhouse on the outskirts of Hamilton. They recently built a new 50 square metre garage. Anton called FMG to add this to his policy and as a result increased their sum insured by $75,000. Adding the garage increased Kirsten and Anton’s annual premium by $102.
