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 Sum Sure Calculator to get an estimate based on detailed information you enter about your home.

The link to the Cordell Calculator can be found below.

What’s the Sum Sure difference?

Instead of customers manually entering all the details of their home, they simply need to enter their street address and Sum Sure will then search third party databases for address specific property details. If the home is a standard property Sum Sure will then combine the information received with New Zealand construction research to provide the replacement value for the searched address.

What do you need to remember when using Sum Sure?

  • It’s important to remember that while Sum Sure will populate the ‘known’ details of the property, the onus is still on the customer to verify that the details provided are correct
    Sum Sure can’t populate the information for properties that are part of a multi-unit block, Body Corporate, or for any non-standard houses such as permanently sited caravans
  • There may be times where Sum Sure won’t be able to automatically provide the rebuild cost. In these cases, the tool will revert back to the previous calculator and all the details of the home will need to be entered manually
  • The estimate provided is exclusive of GST
  • To use Sum Sure you simply need to use the same links you previously used – we’ll be updating everything from our end

Note: CoreLogic NZ, the provider of Sum Sure, will not accept any responsibility for liability arising from an incorrect estimated rebuild cost.

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/