Under a replacement policy you insure your home for its replacement value. The replacement value is the amount it would cost to totally rebuild your home and all the home improvements on the site. It is your responsibility to know the replacement value of your home. Under a typical replacement policy if your home is:

• 50 years old or over, and
non brick, and
is rented out

- you must supply the insurer with photos that clearly show the condition of your home before it will accept your insurance proposal. Your home must be in good repair and condition. For example, it must be watertight, structurally sound, secure, and well maintained. The best way to determine the replacement value of your home is to obtain a valuation from a registered valuer.

reinstatement policy