Home Insurance Sum Insured

The good news is there are several options to help you decide. Your sum insured should include:

Make sure you include recreational features (such as swimming pools and tennis courts), retaining walls or special features (such as bridges, cable cars, jetties) that might not automatically be covered. It's important to check your policy wording to understand the applicable policy limits and exclusions and where you might need to add extra cover so you aren't under insured.

• If your address can’t be found and it includes a unit number (e.g. 23a), try different variations (e.g. 1/23, 23/1). If your address still can’t be found, Cordell Sum Sure calculator may not have details of the property, it may be a new subdivision, or the calculator is not suitable for the property at that address.
• Don’t worry if the photograph doesn’t match your house. The photograph might be different (e.g. your house is brand new, or there is an old photo, a boundary photo or street front photo) but the property details are based on the address not the photo.
• The calculator assumes an average floor area for any garages, sheds or pool houses, so if you have a particularly large detached building you might want to select a sum insured higher than the estimate the calculator provides.
• If you're in the Canterbury area and your property has been identified as having a CERA technical category rating (foundation requirements), then an allowance will have been made for this. This is indicative-only and you should seek specific engineering advice for a reliable estimate of any costs.
• The calculator uses typical building costs for standard finishes to provide an estimate. If your home has significant special features and fittings, was built to a superior standard, is very large or has a high value, consider using other options to establish a better estimate of the rebuilding cost, such as a registered property valuer, or quantity surveyor, or select a sum insured higher than the estimate the calculator provides.
• Factors such as the slope (steepness) of your land, the style and quality of construction are important to get right when using the calculator. It’s a good idea to ask for advice if you’re unsure what to enter in the calculator.
• This calculator has been customised for ASB, so it’s important that you use the calculator provided by your insurer. The ASB Cordell Sum Sure calculator adds GST to the estimate it produces because your ASB sum insured is an amount which needs to include GST.

More about shared ownership

Owners of cross-leased properties need to consider how to cover shared assets such as driveways, fences and retaining walls. Check your property's Title documents for reference to a 'plan of flats' (or similar) that sets out the various areas the cross lease applies to and if you're still unsure, talk to your legal advisor.

Things to note

This calculator provides an estimated sum insured for your home but the final decision is yours. If you think your amount is not correct, you can change it. This is general information and is not a recommendation, opinion or guidance.  If you would like a recommendation, please contact a registered valuer or quantity surveyor. This calculator information does not provide any advice or opinion on the extent or adequacy of the cover provided by sum insured insurance. This information is not financial advice and does not take into account your particular situation. You must make your own decision on the sum insured that is appropriate for your circumstances.

The Cordell Sum Sure calculator is an independent tool. ASB does not have access to the information you enter, or access to the estimate that it produces. So, if you’d like to adjust your home’s sum insured, or add additional cover for retaining walls, recreational features or special features, you’ll need to contact us. It’s your responsibility to ensure that your sum insured is adequate.