Home Insurance Calculator
Estimate your home's rebuild cost for tailored insurance cover.
Knowing your home is insured correctly, is knowing that your family haven is protected should the unexpected happen. To obtain an estimated rebuild cost, you need to make sure that the information is complete and that it accurately describes your home. This estimate is the basis for determining the sum insured amount on your home insurance policy.
The term ‘sum insured’ describes the most that your insurance company will pay you if your house is damaged or deemed a total loss. This isn’t an agreed claim settlement amount so it’s equally important for you to make sure that you don’t over insure your home. The sum insured is a figure that you, the policyholder, will need to nominate as part of your home insurance. With the help of a house rebuild calculator, you can quickly find the appropriate cover level based on your home's estimated rebuilding cost.
How do you calculate home insurance?
Don't worry; we've got you covered. To calculate your home's estimated rebuild cost, you'll need to consider a variety of factors that influence these expenses. Although the calculator doesn't account for every detail of your home, it does take into account a wide range of significant elements. Follow these simple steps to gather the necessary information about your home and estimate its rebuild cost:
1. Choose your policy type
Your home insurance cover and cost will vary depending on how you plan to use your home. Are you an owner-occupier or landlord? Make sure to select the appropriate type of cover you're looking for (home and/or contents). This information will help tailor your policy to better suit your specific needs.
2. Gather basic info about your home
Collect information about your home, such as the type of building (free-standing, semi-detached, apartment, townhouse), the materials used in construction, and when it was built, which all influence rebuild costs.
3. Obtain a few extra details
Take note of the architectural style, the number of levels and rooms, the accessibility and land slope of your property, and features such as outbuildings, garages, carports, sheds, driveways, retaining walls, and recreational features like swimming pools and tennis courts. These factors also play a role in estimating your rebuild costs.
4. Measure the area of the building
Determine the floor area of your home in square meters, as this is another factor that affects rebuilding costs.
By knowing this information, you'll be better able to accurately complete the details required from the rebuild calculator and the estimated cost the calculator comes up with to rebuild it.
The Cordell Sum Sure calculator will automatically factor in the additional estimated costs for demolition, removal of debris, labour costs, and professional fees such as fees from the council, architects, quantity surveyors, and engineers. Please bare in mind that these are additional costs that need to be considered within your estimated rebuild cost, as these are extra expenses that occur when rebuilding a home in the event of a total loss.
The estimate is the 'sum insured' amount, which is the figure you need to provide your insurer. This is also the figure your home insurance premium will be based on. Remember that you should allow some money for inflation over the next 12 months.
Ensuring accurate home insurance cover
Whilst based on industry research, the rebuild cost estimate you obtain from our online quote tool depends on the accuracy of the information you provide. As the policyholder, you are responsible for obtaining an estimated rebuild cost – if the information is incorrect or incomplete and you find yourself needing to rebuild your home, you may discover that your sum insured, and therefore your coverage, is insufficient.
It's wise to double-check your sum insured before committing to it. You can use the Cordell Sum Sure house insurance calculator, or consult a professional property valuer or quantity surveyor to get a formal cost estimate for rebuilding your home. This may be particularly important if your home is a custom, architecturally designed, or high-spec build or would exceed $2.5 million to rebuild.
Please note that the 'sum insured' estimate represents the cost of rebuilding your home and does not consider the value of the land or household contents.
When should you calculate the rebuild cost of your home?
There are three main reasons why you may be looking for home insurance and need to calculate the cost of rebuilding your home:
1. Securing your first home insurance policy
Understand the concept of sum insured and use the Cordell Sum Sure house insurance calculator or consult a professional valuer or quantity surveyor to determine your home's rebuilding cost.
2. Updating your current home insurance policy
Regularly recalculate your sum insured to account for inflation and rising building costs. Inflation fluctuates so it's recommended that you check your estimated rebuild costs every 12 months. You may benefit from the AMP's SumExtra benefit.
3. Switching from another insurance provider to AMP
Provide your home's rebuild cost when switching to AMP. It's recommended to recalculate the figure to account for any changes in market conditions and building costs since your last calculation.
No matter your situation, the process for getting a home insurance quote remains largely the same. Check your estimated rebuild cost by using the Cordell Sum Sure house insurance calculator, and then call our insurance specialist team at 0800 267 263 or get a quote online. Make sure to review your sum insured regularly, ideally at each policy renewal, to maintain adequate cover.
What is the Coredell Sum Sure calculator?
Cordell Sum Sure estimates the reconstruction cost of your home using information supplied by Cordell - Australia and New Zealand’s leading provider of building cost information. Cordell is a CoreLogic business. By providing information about your home, the calculator will provide an estimated reconstruction cost, including an allowance for professional fees, demolition, removal of debris and GST.
The Cordell online calculator acts as a guide and does not provide insurance or financial advice. Once you have obtained a figure, compare it with that generated in the AMP quote process. When reviewing your rebuild estimates, remember that it’s critical to secure an appropriate level of cover.
The information in this blog is of a general nature and does not constitute financial or other professional advice. Policy limits and exclusions apply - refer to the policy wording for full terms and conditions.