Home owners are responsible to know the full replacement cost of their home, and to agree this with their insurer. This is called ‘Sum Insured’.
Whether purchasing a new home, renewing your existing cover or changing your home to a rental property, it’s critical that your policy accounts for true rebuild costs.
In the past, many homes in New Zealand have been insured for an unspecified ‘replacement’ cost (in many cases this figure was ‘plucked out of the air’) – In the event of a disaster, the last thing you want to deal with is an insurance payout shortfall.
Without a robust full replacement valuation in place, homeowners run the risk that their most valuable asset is underinsured.
MyValuer are experienced Registered Valuers and will provide you with an accurate ‘sum insured’ valuation so you can rest assured.