Domestic Insurance

Domestic insurance
Greenstone Insurance has access to a range of Insurers, both in New Zealand and offshore, and can provide cover for your:

  • House
  • Contents
  • Private Motors – Car, Motorcycle, Classic Vehicles
  • Boat
  • Roadside Assistance
  • Mortgage Protection
  • Transit Cover (Household Removals)
  • Contract Works Insurance (for new Residential Builds or Alterations)
  • Landlord’s Insurance

What is Sum Insured Replacement?
Sum Insured Replacement is the amount you choose to insure your home for.

Your Sum Insured needs to reflect the estimated cost of rebuilding your home from scratch taking into account demolition and debris removal costs.

To find out the estimated rebuild cost for your home you can:

  • Seek independent advice from a Builder, Registered Quantity Surveyor or Registered Valuer – this should be a written valuation and for insurance purposes.  It should not include any market value component or land value.
  • Use the Cordell Online Calculator to get an estimate based on detailed information you enter about your home.
    The link to the Cordell Calculator can be found below.

Setting an adequate Sum Insured is your responsibility.
If you are taking out a new Home Insurance policy, you will be required to provide a Sum Insured value for your home.

If you have existing house insurance and have not specified a Sum Insured, your policy would have renewed every year using a default Sum Insured value.
The default Sum Insured may not be adequate to replace your home or any other structures at your property.

Your Sum Insured is usually automatically adjusted each year
It is a good idea to regularly review your Sum Insured and your homes rebuild cost estimate.
We recommend doing this every two to three years.
You may need to factor in any renovations or extensions and other changes such as inflation, changes in building costs and consumer price indexing.
An annual indexation is applied to the Sum Insured on renewal every year for inflation; however you should not rely on this as an adequate reflection of any increase in costs.

Image courtesy of:

  • Image courtesy of Sujin Jetkasettakorn/FreeDigitalPhotos.net