When calculating your building sum insured, it should be based on the cost of totally rebuilding your home including fittings and fixtures as well as any outbuildings e.g. garages, shed and swimming pool etc. but should not include the value of the land.
Rebuild costs vary from state to state and are affected by the size, style and standard of your home and the materials used to build it. Homes built on sloping land or those with extensive fencing, paving and retaining walls have higher rebuild costs.
If you live in an area that is prone to bushfire, you may be required by regulations to implement additional bushfire protection measures when the home is repaired or replaced following major loss. These costs can be significant and should be added to any sum insured amount assessed by a home building calculator. You may have to allow for expenses such as professional fees e.g. architects and engineers depending on which insurer and level of cover you select as this expense is not included in all policies.
Avoid the risk of underinsuring and use the provided Home Building Calculator to obtain a more accurate estimate.
For full information regarding Building Insurance including ‘What are your buildings’ and ‘What are not your buildings’ please refer to the Insurers Policy Wording and PDS for your chosen level of cover.
If you're still unsure we are here to help, so please contact us on 1300 730 073.
This calculator provides general information only and any suggested sum insured is an indication only, calculated based on the information you provide.
It is your responsibility to check that the amount is enough to cover the replacement cost of your home building and/or contents.
Before you decide whether to buy this insurance you should:
Disclaimer: Typical building replacement costs are provided by Reed Business Information Pty Ltd (A.B.N. 80 132 719 861) trading as Cordell Information (‘Cordell’) and typical building contents replacement costs are provided by Sum Insured Pty Ltd (A.B.N. 55 947 630 521 (‘SI’) trading as Home Contents. Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Cordell, SI, Steadfast or the Steadfast Broker for its accuracy. Please check with an Architect, Builder, Quantity Surveyor, Valuer or other suitably qualified professional for an accurate estimate. Neither Steadfast nor the Steadfast Broker takes any responsibility for the costs provided by Cordell or SI, or any liability for the accuracy of or reliance upon or use of, the costs. To the fullest extent permitted by law, Cordell, SI, Steadfast and the Steadfast Broker expressly disclaim all warranties, express or implied, including, but not limited to, the implied warranty of fitness for a particular purpose. Cordell, SI, Steadfast and the Steadfast Broker do not warrant or make any representations regarding the use or the results of the use of the information provided in terms of its correctness, accuracy, reliability, or otherwise.
When calculating your contents sum insured, it should be based on the full replacement cost of all your contents.
As costs vary over time and you may have made purchases since last renewing your policy, we highly recommend that you review your contents sum insured every year.
Avoid the risk of underinsuring and use the provided Home Contents Calculator to obtain a more accurate estimate.
For full information regarding Contents Insurance including ‘What are your contents’ and ‘What are not your contents’ please refer to the Insurers Policy Wording and PDS for your chosen level of cover.
Adding valuables cover to your policy protects certain contents items e.g. watches, jewellery, personal electronic items, and bicycles etc. which have been specified by you against accidental damage away from the home.
“If choosing the Accidental Damage policy your contents are covered while they are away from your home anywhere in Australia or New Zealand whilst temporarily removed for the full policy period or in the rest of the world for up to 100 consecutive days”.
You may still have to specify certain items on your Accidental Damage contents policy if they exceed the automatic limits of the contents policy.
For full information regarding 'Valuable Items' including 'What are your valuable items' and 'What are not your valuable items' please refer to the Insurers Policy Wording and PDS for your chosen level of cover.