Provides the cost to repair, rebuild or replace your home or investment property following accidental damage or loss. You are not obliged by law to insure your home(s) but if you have a mortgage, most lenders will require that your house or investment property is appropriately insured.
Home insurance is usually calculated on a ‘sum insured’ basis. This means that if your home needs to be rebuilt, the insurer will only pay out the maximum sum that you specify when you take out your policy.• When was the last time you reviewed your home rebuild sum insured?
• Do you know if your current provider offers square meters (SQM) replacement for non-natural disasters on your home cover?
• Do you know the difference between square metres (SQM) and Natural Disaster Sum Insured?