Insurance calculators

These home and contents calculators may help your client avoid underinsurance.

Home

Your client can use the buildings insurance calculator to estimate how much it could cost to rebuild their home. The estimate will be a guide only. It’s not a professional valuation. They’ll need to be comfortable the estimate reflects the actual replacement cost of their buildings as it doesn’t take into consideration specific circumstances which may affect the replacement value, e.g. unique features of their home. It’s important they choose an adequate home sum insured and to not be underinsured. By providing general information about their property, the buildings insurance calculator can provide an estimated value that they can edit if they want to.

The estimate will reflect the property's address, the home's size and the materials and labour needed to rebuild it. It will also factor in often overlooked costs, such as architect and surveyors’ fees and debris removal. This estimate isn’t the same as their home’s real estate value.

Your client should seek professional advice by getting a valuation from a quantity surveyor or other qualified professional if they’re uncertain about their home sum insured.

Home Sum Insured Safeguard

The Home Sum Insured Safeguard benefit is like a safety net. It’s designed to help protect against underinsuring your client's property. This benefit applies only if the policy insures the home, the home is a total loss, and the cost to repair or replace the home is greater than the home sum insured because either:

• the increased cost of repairs is due to a catastrophic event, or
• the client correctly used the buildings insurance calculator to set their sum insured and it estimated an inadequate amount.

Other conditions apply, which can be found in the relevant PDS.

If it does and we accept a claim that exceeds the home sum insured, we can pay up to 30% more than the home sum insured shown on the Policy Schedule.

Bushfire risk

If your client's property is in an area that’s prone to bushfires they may need to factor in the cost of implementing additional bushfire protection measures if they needed to rebuild their home.

The requirements, and costs, can vary depending on your client’s Bushfire Attack Level (BAL). A BAL assessment can help to establish how much extra cover they may need. This figure should be considered along with the estimate generated by our buildings insurance calculator to determine their sum insured.

On renewal

We recommend your client reviews their sum insured each year, to take varying costs and any recent renovations into account.

Contents

The contents insurance calculator can estimate the cost of replacing your client’s belongings. The estimate will be a guide only. It’s not a professional valuation. They’ll need to be comfortable the estimate reflects the actual replacement cost of their belongings, as it doesn’t consider specific circumstances that may affect their replacement value. It’s important they choose an adequate contents sum insured and to not be underinsured. By providing general information about their property and belongings, the contents insurance calculator can provide an estimated contents value and summary that they can edit if they want to. Our contents insurance includes new-for-old replacement on most items.

Your client should seek professional advice if they’re uncertain about their contents sum insured.

On renewal

We recommend your client reviews their sum insured each year, to factor in varying costs and new purchases.