There are several ways to calculate the cost of rebuilding your home or rental property, including:
- Using an online calculator such as the Cordell Sum Sure Calculator. It's important to be aware that the Cordell calculator provides estimated typical building replacement costs for standard residential homes, and isn't personalised financial advice.
- Obtaining a valuation completed by a builder, architect, quantity surveyor or other building expert.
There are many details that need to be taken into account when assessing the rebuild cost of your home. Each home is unique; they can be different sizes, made from a variety of different materials and have different quality finishes so it's important that your sum insured reflects this. As you know your home and situation better than us, it makes sense for you to determine your sum insured amount.
Your sum insured amount should be enough to rebuild your home, including any costs for demolition and removal of debris. For a full description of what's included as part of your home, please read the Your home includes sub section of your policy document, found under the 'What your are covered for' section.
You can find more information about sum insured here.