New for Old Cover Information
Suncorp will:
- Replace or repair your home and contents with new items or new materials that are available at the time of replacement or repair from Australian suppliers
- New for old regardless of age, with no allowance for depreciation, and
- Ensure that all replacements or repairs are of the same type, standard and specification as when the item was new.
If the same item is not available, "new for old" means a similar type, standard and specification when new. New for old does not mean a better standard, specification or quality than when the item was new.
For obsolete electrical appliances, such as outdated computers or TVs, new for old means replacing or repairing to an equal specification. If this is not available, it means to the nearest better specification available. This means it may be replaced with a different brand.
For paintings, pictures, works of art, sculptures, art objects, collections, memorabilia and antiques: For these items, "new for old" means that if the item cannot be replaced or repaired new for old, we will pay you what it would have cost to buy the item immediately before the loss or damage occurred. However, we will not pay more than its sum insured for that item.
