Yes - taking reasonable steps to calculate an accurate sum insured for your home or rental property is necessary for replacement cover to apply. Your sum insured will also be used to settle claims in the event of a natural hazard.
Is my home sum insured still important if it's not used for all claims?
Is my home sum insured still important if it's not used for all claims?
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I’ve invested heavily to make my property more resilient to storms and/or flooding, will my home insurance premium be adjusted to account for this?I’ve never had a flood or earthquake, why are you charging me for it?Why is my neighbour’s home insurance premium less than mine?Where can I find information about the natural hazard risk associated with my home?Does my policy cover off-grid power sources? Does my home policy cover me for damage caused by pests? Does my policy cover landscaping costs?Can I include excess-free glass cover on my policy? Can I insure a multi-unit dwelling?What is a multi-unit dwelling?See more