We'll pay the actual costs to repair or rebuild your home up to the Sum Insured listed on your Policy Schedule.
What is Sum Insured? - Homes are covered on a Sum Insured basis. This means that instead of being insured for an unspecified replacement cost, you are insured for up to a maximum specified amount. That amount is your Sum Insured.
It is important to ensure that the Sum Insured amount on your Policy Schedule reflects the likely costs of rebuilding your home (together with Special, Recreational Features and/or Retaining Walls specified on the Policy Schedule). If you set your Sum Insured too low, you may not have adequate coverage in the event of a loss to your home. If your Sum Insured is too high, you may be paying too much premium.
If you have any questions or would like changes to be made to your Sum Insured, please contact us.
For more information regarding the Sum Insured for your home and how to calculate yours, click here.
What am I covered for? - Your house is covered for accidental loss, damage and destruction - protecting you against events such as fire, flood, burglary or natural disaster. And if you take contents insurance with us too, your temporary accommodation costs are covered for you and your immediate family (including pets), while your house is being repaired or rebuilt.
The policy includes cover for:
You can also add the following optional covers to your policy:
House Insurance is arranged by Southsure Assurance Limited and underwritten by Lumley, a business division of IAG New Zealand Limited (Lumley).
This webpage is only a summary of the features and benefits of House Insurance and is intended to be of a general nature. House Insurance is subject to the policy terms and conditions, including exclusions that apply, which are set out in the policy document.
Neither SBS Bank nor any member of the SBS Bank Group guarantees the obligations of (or any products issued by) Southsure or Lumley.
For Lumley's financial strength rating, please click here.