House Insurance

House insurance is designed to protect your most valuable asset - your house.

Types of Cover

There are three types of cover available:

Total replacement (no sum insured)

This means that if your house is destroyed, the insurance company will rebuild the house and pay all the fees (ie. architect, site clearance fees) involved in the process. This type of insurance policy is usually only available for houses that are owner-occupied, in good condition or under a certain age.

Fixed sum insured (replacement)

This means you and your insurance company agree on the sum insured, and the company will rebuild your house up to that limit if it is totally destroyed.

Indemnity policies (present day value)

This is what the house was worth just before a loss. It is roughly equivalent to the market value of the house (excluding the land).

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