"Open-ended" or "replacement" insurance policies is changing from square metres to a sum insured basis. This change will be effective from renewal of your policy, after 1 July 2013.
The insurance companies have now released an easy to use calculator to assist you in estimating the likely cost to rebuild your home.
The sum insured generated by this calculator will allow for inflation provision and demolition costs.
The calculator will ask for the following details which will be needed to complete the process. We suggest that this information be collected beforehand.
- Age of home
- Standard of design – Ordinary/Quality/Prestige
- The slope of your land – options are provided
- How many levels
- Size of home
- Construction – ground floor/exterior walls/roof
- How many bathrooms – approx size
- How many separate toilets
- How many kitchens – approx size
- How many: balconies, decks, garages, carports and driveways (length and width of same)
- How many verandas, how may sleep outs/outbuildings
- Do you have central heating/standalone heating/solar powered systems
- Do you have rain tanks/sheds/shade sails/spa pools/swimming pool/fencing/paving (size)
- Retaining walls (size) tennis courts
IT IS IMPORTANT TO UNDERSTAND THAT THE DUTY TO SET THE SUM INSURED RESTS WITH YOU, THE HOUSE OWNER, AT ALL TIMES even if the tools supplied to help you to determine an accurate sum insured are provided by the insurance companies.
If the cost to rebuild your home is likely to exceed $1,000,000 or your home is an above average home, we strongly recommend that you obtain an insurance valuation from a registered valuer or a quantity surveyor.
Please note this calculator may not suitable for large homes (over 600sqm) and/or valued close to or in excess of $2 million therefore we recommend a Valuation for the Sum Insured of your Home
Please don’t hesitate to contact us if you have any queries, we are here to help.