Vero Voice Blog

Auckland Council valuations are out, is your home insurance still accurate?

18 June 2025

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Auckland homeowners have received their latest council property valuations (CVs), with residential values down an average of 9% since 2021. But while CVs are useful for rates, they’re not designed to guide your home insurance.

CV vs. Sum Insured: Know the Difference

Your CV reflects your property's market value, including land, for rating purposes. Your insurance sum insured, however, should reflect the full cost to rebuild your home - including materials, labour, demolition, and professional fees.

Using your CV to set your sum insured can be misleading. In some cases, it leads to over-insurance and higher premiums. In others, especially with rising construction costs, it could mean being underinsured and exposed when you need cover most.

Why Now’s the Time to Review

Many homeowners don’t update their sum insured regularly and when they do, it’s often significantly adjusted after using a rebuild calculator. This suggests that many are unknowingly under- or over-insured.

With inflation, supply chain challenges, and labour shortages driving up rebuild costs, relying on outdated figures increases your risk of a shortfall.

Tools to Help You Get It Right

A good place to start is the Cordell Calculator. It uses property-specific data to help estimate your rebuild cost. For added certainty, you may want to consult a registered professional such as a quantity surveyor.

Stay Protected

Your CV and your sum insured serve different purposes but both play a role in safeguarding your financial wellbeing. At Vero, we recommend reviewing your home insurance regularly to ensure your cover stays fit for purpose. Explore Vero's house insurance options or use the Cordell Calculator today to check your estimated rebuild cost.

The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.

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