How it works

When you take out a Kiwi Insure House Insurance policy you're responsible for confirming the amount it would cost to fully rebuild your house in the event of a natural disaster.

If your house is destroyed by a sudden and accidental event like a fire or flood, we’ll pay to have it rebuilt to its current size and specification. In the case of a natural disaster, it will be replaced up to the 'sum insured' you specify.This is the maximum your insurance company will pay out if your home is destroyed. It's your responsibility to ensure this figure is enough to rebuild your home in case of a total loss and to keep this figure up-to-date.

Calculating your sum insured

Your sum insured is not the same as the market value of your house. It’s the likely cost of replacing your home on its current site, based on:

Your current house

  • size
  • standard and type of construction
  • structures, like decks, driveways, sheds, garages, retaining walls, fencing and outbuildings
  • period features (typically in villas and bungalows)
  • permanent swimming and spa pools
  • special features such as jetties and cable cars

The cost to rebuild

  • building material and labour costs
  • demolition and removal of debris
  • site preparation
  • professional fees
  • compliance costs

There are a number of ways you can calculate your sum insured - it's up to you. You can use the independent online Cordell Sum Sure calculator, or ask a licensed builder, quantity surveyor, architect or a registered valuer to help.

Cordell Sum Sure calculator

Shared ownership

If you share a driveway or fences with your neighbours, you're responsible for insuring your portion of these.

If you live somewhere governed by a body corporate, like an apartment complex, the body corporate usually has one insurance policy covering all the units in the complex, and all the common property. This may already be insured on a sum insured basis – you can find out from your body corporate secretary or committee.

You’ll need to understand the extent of your liability and allow for it in your sum insured.

Keeping your sum insured up to date

Once you’ve set your sum insured, it’ll be adjusted automatically by The Hollard Insurance Company Pty. Limited before your policy is reviewed each year.

The new sum insured amount will be included in your updated documents, which will be sent to you a few weeks before your policy is updated. You need to review the sum insured each year to make sure it’s still appropriate for your home. The Cordell Sum Sure calculator can help you with this.

Cordell Sum Sure calculator

The Cordell Sum Sure calculator is an independent tool that generates an estimate of your likely rebuild cost based on the information you provide about your house. It may not be as accurate as a valuation by a professional. It is an estimate only and is not intended to replace a professional valuation of improvement replacement costs.

To use the calculator, just enter your address and check the property details list. The calculator can help you do the rest.

While the calculator can be useful it does have limitations that you should be aware of. The estimate of your rebuild cost is generated without a physical inspection of your property. The data used may not take into account all relevant information. In addition, it may not be accurate for very large or high value homes, such as those that cost over $2 million to rebuild, nor does it factor in many special features including:

  • areas of shared ownership, such as driveways and fencing that you co–own with neighbours
  • hard to access sections
  • houses with multiple construction materials (e.g. brick and weatherboard)
  • houses with mixed commercial and residential use
  • local laws and planning requirements.

Therefore, you might want to consider getting a professional valuation to ensure you’re adequately covered. If you don’t, you should consider adding an additional amount to your estimated sum insured to take any of the above limitations into account.

Remember to save a copy of your results for your own records.

Use the calculator

The Cordell Sum Sure calculator takes the answers you input (or confirm, as applicable) and analyses them against construction industry data collated by Core Logic NZ Limited to generate an estimated reconstruction cost of the improvements on your property. Use of the Cordell Sum Sure Calculator and any estimated reconstruction cost provided by it may not be appropriate for you and you will need to assess this given your knowledge of your property. The Cordell Sum Sure Calculator is provided by CoreLogic NZ Limited. The estimated reconstruction cost does not constitute a recommendation or opinion in relation to taking out or replacing an insurance policy. It is not personalised financial advice. It does not take into account your particular financial situation or goals.

Core Logic disclaims all warranties that the data is accurate, complete or up to date and excludes all liability for any loss or damage howsoever arising as a result of any use of or reliance on an estimated cost to rebuild.

For the avoidance of doubt, Kiwibank Limited, The Hollard Insurance Company Pty Limited and Ando Insurance Group Limited accept no responsibility for the accuracy of any information in, or results derived from, or any reliance you place on, the calculator.

Important information

House Insurance is provided by The Hollard Insurance Company Pty Ltd. The Hollard Insurance Company Pty Ltd is the only organisation responsible for claims under this cover. Administration of House Insurance and claims handling services are managed by Ando Insurance Group Limited on behalf of The Hollard Insurance Company Pty Ltd. If you arrange your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any product issued by, The Hollard Insurance Company Pty Lty. Kiwibank Limited may receive a commission on any insurance it arranges. Important terms, conditions and exclusions are set out in the Kiwi Insure House Insurance policy (PDF 910.2 KB).

View information about Hollard's financial strength rating, solvency margin and overseas policyholder preference on their website at

Kiwi Insure® is a brand of Kiwibank.

“We”, “us”, or “our” means The Hollard Insurance Company Pty Ltd.

House Insurance before 5 April 2018

If you already have House Insurance and your policy was issued before 5 April 2018, your policy will have been provided by Tower Insurance Limited. You’ll need to refer to the legal documents archive for full details, terms, important conditions and exclusions.

Tower Insurance Limited is the only organisation responsible for claims under this policy. If you arranged your insurance through Kiwibank, you need to know that Kiwibank Limited doesn’t guarantee the obligations of, or any product issued by, Tower Insurance Limited.

View information about Tower's financial strength rating and solvency margin on their website at

Kiwibank and Kiwi Insurance Limited hold no responsibility for the content on third party websites and make no representations as to the accuracy of the information provided on those websites.