+ How can I find out how many square metres my house is?
There are several ways to measure the floor area of your property. You can check the property information held by your local council, or refer to. Read FAQ
+ The building cost of a house can vary depending on the quality of fixtures and fittings. Does the calculator on the need2know.org.nz website allow for this variance?
The calculator asks about the standard of finishing and uses typical building costs to provide an estimate, so some allowance is made. However, if. Read FAQ
+ Why not base home insurance value on a $ per sq metre rebuilding cost?
The potential cost of rebuilding your home is affected by many factors (for example age, size, location and quality of construction and the slope of. Read FAQ
+ Why shouldn’t I select a Sum Insured based on another value indicator like the price I paid for my property or the rateable value?
The likely cost of rebuilding a home differs from other price indicators as it’s based on factors that are solely related to the physical. Read FAQ
Estimate your potential rebuilding cost
Check the Sum Insured on your Policy Schedule
Contact your insurer to adjust the Sum Insured
Ready to estimate what it could cost to rebuild your home? Depending on how well you know your home, the easy-to-use calculator on this site may take just a few minutes to complete or a little longer if you take more time over some of the questions.
How reliable is the calculator?
The calculator is intended to provide a free, easy-to-use way of estimating the potential cost of rebuilding a home. While reasonable care is taken by the provider, Cordell, to maintain the data it draws on, the estimated rebuilding cost it produces is intended as a guide only. It does not substitute an insurance valuation provided by a registered valuer or any other kind of home valuation provided by a building expert.
Note that the calculator is not suitable for extremely large homes (in excess of 700 square metres) or high value homes where the likely cost of rebuilding would exceed $2 million.
Using the right information
The accuracy of the information you enter in the calculator has a bearing on its estimate of the likely cost of rebuilding your home. It’s important to enter the best information you can so the estimate is as representative of your home as it can be.
How the calculator works
This calculator draws on data from around New Zealand about many aspects of home construction and reconstruction. The information is updated regularly.
The amount produced by the calculator includes anticipated construction costs and allowances for professional fees, demolition, removal of debris and GST – things people often don’t consider when thinking about the cost of rebuilding their home.
Does it allow for Recreational Features and retaining walls?
The calculator identifies the potential costs associated with rebuilding retaining walls and Recreational Features like swimming pools separately. If your home has any of these features, the calculator will help you identify whether you need to purchase cover or additional cover for them under your policy. However, depending on the nature and extent of the particular features in your home, you may choose to check the estimated rebuilding cost the calculator produces for these features to decide if it is sufficient.
Does it allow for Special Features ?
The calculator does not estimate the cost of rebuilding Special Features (as defined in IAG home policies). If you require cover for any of these items you’ll need to talk to your insurance provider and purchase additional cover.
What doesn’t the calculator allow for?
The amount produced by the calculator does not include fixed floor coverings such as carpets. It also makes no allowance for changes in building costs over the policy period, or the period of repair or rebuilding that would take place following damage to your home. If you wish to include an allowance for these items in your Sum Insured you will need to add them to the amount produced by the calculator.
What happens to your information
The information you enter into the calculator is not stored or passed on to your insurer. It’s used solely for the purposes of estimating the likely cost of rebuilding your home.
When you’ve completed your calculation you can print out a PDF of the result or save a copy of it on your computer. That way you’ll have a record of the information your estimate is based on.
Ready to get started?
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- our business divisions (State, NZI and Lantern);
- AMI Insurance Limited;
- our business partners (BNZ and the Co-operative Bank); and
- AON, Crombie Lockwood and other brokers whose products are underwritten by IAG,
for their individual privacy policies.
Purpose and use of this website
This website is intended for use by people living in New Zealand or with insurable interests in New Zealand to provide information on the changes to our home insurance, and the move from ‘replacement cost’ insurance to ‘sum insured’ insurance. We make no representations that it is appropriate for other purposes and we can’t and don’t accept any responsibility if it is used for such other purposes. New Zealand law governs and New Zealand courts have exclusive jurisdiction.
Business advice information
The information provided in this website is intended only to provide a summary of the topics covered. It does not purport to be comprehensive or to provide legal advice. We encourage you to obtain specific professional advice before acting in reliance on any statement contained in this website.
Links to this website
If you would like to link to any part of this website please contact us for prior permission.
While reasonable efforts have been made to ensure accuracy of this website, no liability is accepted for any errors. We will take reasonable measures to ensure that the website is available to you when you need it, free from viruses and unauthorised access. Unfortunately we can’t and don’t accept responsibility for any consequences if this is not the case. If you use this website inappropriately or maliciously you will indemnify us for anything that happens to us as a result of or in connection with your actions.