IAG NZ is to launch a website raising awareness of changes to home insurance in New Zealand.

Insured properties will no longer be rebuilt regardless of cost, as reinsurers seek more certainty about their exposure.

Instead, insurance will be capped under sum-insured policies.

Two-thirds of people are unaware of the changes, despite the fact homeowners will need to calculate the cost of replacing their properties, according to a survey by IAG.

The website features information, videos and infographics, plus a tool to calculate house values.

IAG NZ spokesman Craig Dowling says the company has a responsibility to help people understand the changes.

Unspecified-cost policies may have encouraged “setting and forgetting”, he says.

“Our survey identified that a number of people have not looked at their policies for a long time,” he told insuranceNEWS.com.au. “This is not sustainable under sum-insured.”

The website, need2know.org.nz, should go live in the next week.