What would it cost to rebuild your home?
Your insurance needs to cover the amount it would cost to rebuild your home today. Rebuilding a home 10 years ago would have been much cheaper than rebuilding a home today.
Even if you have insurance, would it be enough to rebuild your home if disaster struck? Have you considered updated building codes, challenging sites and rising labour and material expenses?
There may also be extra costs for demolition, clean-up, asbestos removal, council fees, and architect and surveyor services. You might also need temporary accommodation during a rebuild.
Visit the Cordell Sum Sure calculator to estimate the cost to rebuild your house.
Contents insurance
Contents insurance covers your household items if they’re damaged, lost or stolen. Make sure your contents insurance covers the cost of replacing everything you own.
Start by listing all your belongings and their value – from kitchen items to tools in your shed. Remember to update your policy after any upgrades, such as renovations, new furniture or new appliances. Many people forget these changes, which can leave you out of pocket if you need to make a claim.
Think about everything you own. Include your clothing as well as items like your lawnmower and devices. You need to be aware of any exclusions or cap limits for certain items such as tools. Damage to your car will usually need to be covered under a separate insurance policy to your home and contents insurance even if all your policies are with the same insurer.
The contents calculator on the Sum Insured website can help you estimate the replacement cost.
Tip for renters
Did you know you can get contents insurance to protect your belongings? Some insurance policies also help pay for a place to stay (temporary accommodation) if your rental property becomes unliveable. It’s a good idea to compare different policies.
Handy tip
Take photos of your home and contents when you move in, when you take out home insurance and when you make any home improvements. Remember to store these photos in a secure place so you can reference them when making a claim.
You should also notify your insurer if you’re planning to renovate.
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