Finding out too late that you are underinsured can be very distressing. So it’s important to understand the total replacement cost of both your home and your belongings.

You can make sure that your insurance is more effective and up to date by using these online calculators to help estimate the total costs of replacement.

Your Home

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.

These variables are taken into account by the calculator, as are frequently overlooked expenses like professional fees (such as for architects and engineers) and the cost of removing debris.

For an accurate estimate, take time with the detailed Home Building Calculator.

Your Contents

Replacement costs vary depending on the quantity and quality of your belongings; and large homes tend to be more extensively furnished than units or townhouses.

So your sum insured will vary depending on the quality of your furnishings (‘average’ lowest price furnishings, ‘quality’ above average price, or ‘prestige’ tailor-made, high-priced furnishings). Also, some items are of such a personal nature that their value varies according to taste; for example sporting, photographic and entertainment equipment, and jewellery.

The Home Contents Calculator takes each of these elements into consideration when estimating your sum insured. And should the worst ever happen, new for old replacement on most items ensures your lifestyle is disrupted as little as possible in the event of a claim.

Once you’ve used the calculator, take a moment to compare it to your current sum insured to decide if adjustment is necessary.

Here are a few other things to remember:

  • Costs vary over time, so review your sum insured every year
  • Re-evaluate your sum insured when you renovate or make new purchases
  • Accurate valuations can be provided by an independent professional such as a quantity surveyor, valuer or other suitably qualified person
  • The cost of rebuilding your home is not the same as its real estate value