Why Is Sum Insured So Important?

Once your home loan has been approved, then you’ve essentially bought the house or the apartment, the bank is going to ask you to get a valuation.

Your insurance company is going to be especially interested in getting that valuation. Both the bank and the insurance company are relying on you to get that number right – that’s essential to this whole process.

Some of the problems we see are our own confusion: many customers can’t grasp what is actually required because it’s too much choice out there. We can’t lose sight of the fact that 85% of the time most homes are uninsured by up to half.

That’s a massive problem. A lot of the time, property owners end up utilising the services of market valuers, which are more interested in square meters, which is the value of the land, and whether your home is near a fancy school or not.

That’s not what the insurance companies want to know – what they need is a rebuild valuation. The insurance companies want a figure on what it’s going to cost to rebuild your home should it all go wrong.

In our experience, we see customers using online calculators which are massively inaccurate. They’re using outdated information and they’re not going to get the number that your insurance company wants.

This is where you need a quantity surveyor. At CCC, we have decades worth of construction experience to understand what makes your home yours.

We’ll have a building assessor attend at the premises and work through and fully understand what makes your home special, whether it be the recently renovated Italian kitchen or the architecturally redesigned hallway. We’ll get all the details in that report, which affects the price and ultimately builds an accurate picture of what a rebuild looks like.

This isn’t a decision to delay or something to put off. With 85% of New Zealand’s homes underinsured, you need to act now.

Book a rebuild valuation today and get that peace of mind. Sleep at night knowing that you’re sum insured is correct.