How do I know how much I should insure my home for?
We can only provide general advice about your home and contents insurance; we can’t provide you with advice about the replacement cost of your home. When considering the sum insured for your home insurance, this amount should cover the full cost to rebuild your home including the cost of structural improvements such as carports, fences and pools and clearing debris from the land in the event of a total loss, however, the sum insured should not include land value.
You should also consider increased building costs to meet stringent and Local Council building requirements. If you are unsure of the replacement cost, a builder or architect may be able to assist you or we strongly recommend you use a home building calculator.
Do I need to know the measurements for my house?
No, we do not need to know the exact measurements of your home. Some examples of the things we need to know about your home are:
- The address and age of the building
- The construction type and roofing materials (for example, brick, cladding, tile)
- The security measures in the home (for example, alarms and deadlocks)
Why don’t you offer an ‘unlimited’ building sum insured?
Real Insurance lets you choose your own sum insured for your home and contents insurance. This way, you have peace of mind knowing that you are covered for the amount you think you’ll need if you suffer a total loss of your home. There is no advantage in being over-insured and paying a higher premium because of this.
How do I know how much to insure my contents for? I don’t know how much they would cost to replace.
We strongly recommend the use of a Contents Calculator to determine an appropriate sum for your needs.
We are unable to provide you advice on an appropriate sum and rely on you to assess the amount of coverage you require.
Your contents sum insured should include items such as your carpet, blinds, curtains, personal items, furniture and household goods. Items of value which can be individually listed on your Certificate of Insurance such as jewellery or artworks should also be included in the overall sum insured. Estimating the cost can be difficult so being aware of the replacement cost of items through advertisements and magazines can be helpful.
Why do I need to list certain items on my policy?
Certain items such as valuables, collectibles and media have limits of cover inside the home. If you would like to be covered for the full amount you will need to tell us and list these on your Certificate of Insurance. You will need to provide proof of the value of the item at the time of a claim.