Present day value policies are an exception
Some houses will be insured for present day value, rather than sum insured. You can check your certificate of insurance to see if this applies to your home. Generally these are pre-1950s houses that haven’t been fully re-lined, re-wired or re-roofed. If you have completed these upgrades give us a call to see if we can offer you full replacement cover.
If your home is insured for its present day value, you’re covered for the market value of the house at the time of the loss or damage (excluding the value of the land), or the sum insured, whichever is less.