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How Much Insurance Do I Need?

How do I know what to insure my home for?

This is an excellent question, and we're glad you are asking it now rather than after a loss.

The goal is to set your sums insured high enough to be able to rebuild - or at least get back to your pre-loss position. Even if your couch was a bargain on Marketplace, you should insure it for its replacement cost.

When calculating this it's important to consider the definitions in your policy wording, so for your Home Building you should factor in driveways, fencing, sheds, tanks etc. And with Home Contents you need to include carpets, floating floorboards, window furnishings and then pretty much everything else that's not fixed down.

The industry rule of thumb to avoid being underinsured is to have your Contents Sum Insured set at 1/3rd of the Building Sum Insured - give or take depending on your specific circumstances. It's not an exact science, but if you asked to take out $30,000 Contents cover for your $600,000 Building we would encourage you to consider increasing this figure.


Likewise if you wanted to insure $300,000 Contents for your $300,000 Building we would also want to have more of a discussion with you. We're not builders or quantity surveyors, but we can help you to make an informed decision.


Where can I go for help? 

These are two very helpful online calculators that are widely used in the insurance industry to assist in calculating your own sums insured:

Home Building Calculator

Home Contents Calculator


If these links aren't available at the time of reading this, please try here instead or get in touch with us.

If you wanted to take things further and have a formal insurance valuation done these are some of the companies that offer this service: (especially for collections & antiques)

Whatever option you choose, think about the coverage you'd like to have if everything was gone tomorrow. 

One of our clients recently used these services and found that their sums insured needed to be increased by $715,000!

Building from $750,000 up to $1,340,000 

Contents from $250,000 up to $375,000 

It is WILD how much things are costing right now. 

Do you offer 'Complete Replacement' cover?
Unfortunately this doesn't provide the peace of mind that it should. If a claim is cash settled based on an insurer's trade pricing this can sometimes work in your favour, and other times can leave you significantly worse off. 

If you're ready to start working with us we'd love to hear from you and show you just how easy insurance can be! 

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