What you need to do

The key thing to decide is what your sum insured should be.
Your sum insured is not the market value* but the cost of rebuilding your home and there is plenty to consider - from the size of your home to how steep your section is.

Some of the things you need to consider:

  • The materials and labour cost in today’s prices
  • All your extra features like retaining walls, decks, fences, driveways, swimming pools, garages, outbuildings, period architecture (such as villas and bungalows), etc
  • If you’ll need to pay for an architect or engineer or other professional services
  • Any council fees or costs to comply with building code requirements at the time of rebuilding
  • Any demolition costs that could apply.

*Present day value policies are the only exception here. Present day value cover is limited to the lesser of the market value of your home at the time of the loss or damage, excluding the value of the land it is situated upon as an unoccupied site, and the sum insured.

Your rebuilding cost will change over time. This might happen because construction costs change or because you’ve completed a renovation or addition to your home. To ensure your sum insured stays accurate, you should review it whenever your policy renews or after major work. We’ll also help here by automatically applying a Building Consumer Price Index adjustment to your sum insured at each policy renewal.

Calculate your sum insured

The Cordell calculator uses general building information to estimate your sum insured, based on the information you provide.