When you take out home and/or contents insurance, it’s important the amount you’re insured for accurately reflects the cost to rebuild your home and/or replace your contents. In the event that you don’t insure for the replacement value correctly, you may have to pay the difference out of your own pocket.
Most insurance policies pay a policyholder (or carry out the works) up to a set financial limit. This is called the Sum Insured and represents the maximum value of your policy. Choosing the right Sum Insured for your home or investment property and contents is important. Should the worst happen and you have undervalued your assets, you may not have enough financial capacity to rebuild or replace all of your belongings. Web calculators that reference current building and replacement costs play an important part in helping you decide the Sum Insured. Many insurance companies provide access to web calculators on their website. We also have Insurance Calculators on our website here.
Value your Home
Your home or investment building estimate will depend on a range of factors, such as the floor area or size, design, quality of materials, and land slope. Remember to include structures like your pool and shed in the calculations, but exclude your land value. Rebuilding costs can rise over time, increasing the replacement value of your home or investment property. This is especially true if you have undertaken any renovations, including adding on extensions or making any updates to your property. Estimate the replacement cost of your home or investment property here.
This home building insurance calculator is powered by CoreLogic, Australia’s leading property valuations provider. It’s quick and easy, so you can estimate the value of your home building or investment property in minutes.
Value your Contents
When estimating your contents value, include items like your furniture, white goods, kitchen items and even items like your clothes, linen and food. As you accumulate and upgrade your contents over time, the cost of replacing your new contents may increase. That’s why it’s important for you to regularly review your contents sum insured to make sure it accurately reflects your contents’ value in the event of a claim. Estimate the replacement value of your home contents here.
This contents insurance calculator is powered by Sum Insured Pty Ltd, who specialise in the research and production of contents replacement cost information. It’s quick and easy, so you can estimate the value of your contents in minutes.
How can we help?
It is important to understand calculators provide only a guide for rebuilding your existing building. In some locations (such as those exposed to bushfires, floods and cyclones), rebuilding in the same style and materials after a total loss (for instance, if your building is destroyed or irreparably damaged in a fire) may not be possible due to local government regulations. Check with your local council or shire to find out if your property is in a hazard zone that may have a requirement for different building standards to apply in the event your property is a total loss. These different building standards could significantly affect your rebuilding costs. Factoring these additional costs into your Sum Insured will be an important consideration. A qualified local builder or property valuer may also provide further guidance on rebuilding costs in accordance with relevant building standards and local planning laws.
The insurance calculators will estimate a replacement cost by using the general information about your home buildings and contents provided by you. The estimate may not be appropriate for you and you’ll need to assess its suitability given your knowledge of your property and contents.
Give us a call, or contact us here if you want to discuss an insurance solution for your unique needs with a Qualified Professional Insurance Broker. We’re here to help!