To calculate your home sum insured, you can seek advice from a builder, architect, quantity surveyor or other valuation expert, or there are online tools that can help too.
An easy, straight-forward online tool to help you work out your home sum insured is the Cordell Sum Sure calculator. The Cordell Sum Sure calculator does not provide advice but estimates typical building replacement costs. Most of the questions asked can be easily answered by the homeowner, such as how many levels to the home? and what are the exterior walls made of?
It's important for you to be aware that the Cordell Sum Sure calculator will only provide an estimate based on typical building replacement costs. The cost of replacing a home will depend on the specific details of the home such as the materials it is made from and it's finish quality. You are responsible for deciding whether the estimate provided by the calculator is right for you to use it as the sum insured for your home.
You should also keep in mind that your sum insured does not include the land, or what it would cost to buy your home. It is not correct to base the sum insured on the purchase price, market value, rates valuation or QV of the home as these do not equate to what it would cost to rebuild it.