Major Changes to House Insurance

For some time, many homes in New Zealand have been insured for an unspecified replacement cost - IE "full-replacement" cover.

However, soon most insurance companies will offer cover based on the cost of rebuilding your home up to a maximum specified amount.  It will be your responsibility to specify what this amount should be.

When your House Insurance policy next comes up for renewal, your insurance company may ask you to obtain a valuation.

As a starting point, you may find the following two links useful to get an indication of the current replacement cost of your house.