Domestic Insurance

85% of houses across New Zealand are under insured;

 A 2016 treasury report found that 85% of homes across New Zealand were under-insured by an average of 30% with estimates running as high as $184  billion annually and considering the recent inflation and costs surges caused by COVID-19.

Smiths Insurance & KiwiSaver has access to an independent tool that calculates the true value of what it will cost to rebuild your home.  The calculation is based on typical rebuild costs for homes with similar materials and features.

You can use the cost it gives you to assist in setting the Sum Insured on your house insurance.

If your home is insured for its replacement value you could also eligible for our SumExtra benefit at no extra cost.

Sum Extra Benefit:

·       Up to 10% more cover for natural disasters

If your home is damaged or destroyed in a natural disaster (such as an earthquake or tsunami) and the Sum Insured amount isn’t enough to pay for repairs or a rebuild, SumExtra kicks in with up to 10% extra.

·       Full repair or replacement cover

If your home gets damaged or destroyed by any insured event other than a natural disaster, with SumExtra you are covered for the costs to repair or replace your home – even if the cost is more than your Sum Insured amount.

Make sure you update this figure at least once every three years.

We will attach this report to your policy for absolute peace of mind.

 This final figure from the calculation includes:

 ·       Rebuild costs

·       Professional fees

·       Demolition costs