House Insurance

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:

  • Hidden gradual damage - up to $3,000 in a 12 month period to cover accidental leaks or overflow from internal water or waste pipes, or permanently installed internal water tanks.
  • Landlord's chattels - up to $10,000 for any one event with a $500 excess to cover appliance, furniture, carpets, blinds and curtains.
  • Landscaping - up to $3,000 for any one event to restore your garden and landscaping.
  • Loss of rent - up to $20,000 in a 12 month period to cover the loss or rental income while the house is repaired or rebuilt.
  • Natural disaster damage - we'll pay the difference between any EQ cover and the cover under your policy if your home is damaged or a total loss.  Cover includes walls (garden and retaining), gates, fences, paths and driveways, and temporary accommodation costs.
  • Owner's legal liability - up to $2,000,000 for any one event, including legal costs and expenses, if an accident at your home or property causes damage to someone else's property.  You're also covered for any legal liability under the Forest and Rural Fires Act 1977.
  • Tree disposal - up to $1,000 for any one event to remove debris.

You can also add the following optional covers to your policy: 

  • Landlord's chattels: extended cover - up to $20,000.
  • Landlord's extension: deliberate damage by tenants - up to $25,000 for any one event with a $500 excess.

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.

Ways to save

Choose a higher optional excess to save on your premiums. 

Age and package discounts apply.

'Free Look'

There's a 30-day Free Look period so if you're not happy with your policy and you haven't made a claim, you can cancel it and we'll refund any premium you've paid.