How do I know what to insure my house for?
You will need to consider a number of factors such as the future cost of materials, labour rates, slope of the section and many more. While having a quantity surveyor do an elemental breakdown of your dwelling is probably the most accurate way of determining replacement value this isn’t always accessible or financially feasible. We recommend that at the very least you run your property address through our replacement value calculator
Once you have this figure you will need to consider whether this is enough to not only replace your dwelling with a new one but replacement other site improvements such as sheds, driveways, fences, pools and the like. While its not a pleasant thing to think about, you will need to consider a total property loss event.
Important things to remember:
1. The replacement value of your property has nothing to do with the market value or rating value of your property.
2. Be sure to include site improvements in your total insured value.
When you get a quote with initio we will provide you with a crude estimate of what the property might be worth to replace (based on a default per square meter replacement rate). You can increase or decrease the insured value as you wish, and we also provide a link to the replacement value calculator on the quote.
For more detailed information on calculating your sum insured see our sum insured guide.