Tools to help you work out how much home insurance you need

When buying home insurance, it’s up to you to determine how much it would cost to replace your home and contents if they were totally destroyed, for example, by fire.

These are called the ‘sums insured’ and are the maximum amounts we’ll pay. So it’s important you’re comfortable the sums you nominate are enough to replace the home and contents you wish to insure, at today’s prices.

Calculating these replacement costs is complex. To help make it easier, we’ve made available some calculators from leading estimators Cordell Information and Sum Insured.

(For a more accurate rebuilding cost estimate, we recommend you consult a professional valuer or building contractor.)

Choose a calculator

Home insurance calculator*

Answer a series of questions about your home and get an estimate of the cost of replacing it.

Contents insurance calculator^

Describe your home and get an estimate of the cost of replacing your contents. Use the edit option to list your actual contents for a more accurate estimate.

Inflation protection

At the end of each insurance period, we’ll automatically increase your home and contents sums insured, to reflect rises in costs. Your premium will be adjusted accordingly.

If you wish, you can opt out of these automatic increases. Regardless, we encourage you to regularly review your sums insured, which you can change at any time (subject to our acceptance).

Shortfall cover

For greater peace of mind, you can add optional Sum Insured Safeguard cover to your home insurance policy.

If your nominated sum insured is not enough to repair or replace your home, we'll increase it by up to 25% (e.g. from $400,000 to $500,000).

Debris removal and extra building costs

We’ll cover not only the replacement value of your home, but also the cost of debris removal; demolition; and professional (e.g. architect, surveyor, engineer) and building-application fees (Home Insurance); and disposal of your damaged contents and storage of your undamaged ones (Contents Insurance). 

We’ll pay up to 10% of your sum insured for these costs — in addition to your total sum insured.

Terms, conditions, limits and exclusions apply.

For full details, please read the Product Disclosure Statement.

Choose your cover

You can get home or contents cover separately, or combine them.

Home and Contents Insurance

Protect your most valuable asset and your belongings by combining home and contents insurance.
Read more

Home Insurance

Covers loss or damage to your home due to events like storms, fire, and escape of liquid, including the cost of repairs or rebuilding and temporary accommodation.
Read more

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Contents Insurance

Covers loss or damage to your home contents due to events like storms, fire, and theft, including new-for-old replacement of items that can’t be repaired.
Read more

Find out more

The information on this page is a summary only. For more details about Budget Direct home and contents insurance, including the terms, conditions, limits and exclusions that apply, please read the Product Disclosure Statement (PDS)

How to make a claim

If your home and/or contents are lost, damaged or destroyed by an insured event and you need to claim, we’re here to help. Make a claim on your home and/or contents policy.

Award-winning Australian home insurance

After comparing the cost and features of over 130 policies offered by more than 50 insurers, Canstar awarded us one of only three national awards for Outstanding Value Home and Contents Insurance in 2018.

We've also won Money magazine's Best of the Best title for Cheapest Home & Contents Insurance three years running (2017–19); and a Mozo Experts Choice 2018 award for Exceptional Value Home & Contents Insurance.

To cap it off, the Australian public voted us the Gold Winner in the Home & Contents Insurance category of the 2019 Reader's Digest Quality Service Awards survey.

CANSTAR's Outstanding Value Home & Contents Insurance Australia 2018
Money Magazine's Insurer of the Year 2019
Money Magazine's Cheapest Home & Contents Insurance 2019
MOZO's Experts Choice 2018 - Exceptional Value Home and Contents Insurance
Reader's Digest - Quality Service Award 2019 - Winner

Frequently asked questions

Will my home insurance cover keep up with rising costs?

At the end of each insurance period, we’ll automatically increase the amount your home and/or contents are insured for — to help keep pace with rising costs.

When you receive your annual insurance renewal offer, you’ll notice your premium has been adjusted to reflect the higher sum insured.

If you wish, you can decline the higher sum insured by contacting us or logging into your online account and editing your policy.

For example, if your house was insured for $500K and we increased it to $550K but you declined the increase, your sum insured would remain unchanged at $500K.

Regardless, we encourage you to regularly review your sum insured, which you can change at any time (subject to our acceptance of the new sum insured) by contacting us or logging into your online account and editing your policy.

Note that we will not automatically increase the sums insured for your listed, or specified, contents and personal effects.

We recommend you get jewellery, collections, art works and the like valued every so often by a suitably qualified professional to ensure they’re adequately covered.

What if the amount I insure my house for is too low?

It’s important the home-building sum insured you nominate is sufficient to rebuild your home at today’s prices.

You can increase your sum insured at any time by calling us on 1800 182 310 or logging into your online account and editing your policy.

For extra peace of mind, you can add optional Sum Insured Safeguard cover to your home-building insurance policy.

If you select this cover, we’ll increase your home-building sum insured by up to 25% if your nominated sum insured is not sufficient to repair or replace your badly damaged or destroyed home (e.g. from $400,000 to $500,000).

Do I need to list, or specify, contents on my policy?

It’s up to you to decide whether to list the following on your policy:

  • contents you want to insure for more than our benefit limit (where applicable)
  • portable items you want covered when you take them with you away from your home.

You can list your contents when you get a quote and buy a policy or — if you’ve already bought one — by calling us on 1800 182 310 or logging into your online account and editing your policy.

How is the cost of home insurance – the premium – calculated?

There are lots of factors that can influence your home insurance premium, including:

  • sum insured — generally, the larger the sum, the higher the premium
  • location — areas prone to severe weather or crime, for example, can attract higher premiums
  • age and construction materials — the newer your house, for example, the less you’re likely to pay
  • how it’s occupied or used — if your home is used for business or is unoccupied for long periods, you may pay more
  • claims history — the more claims you’ve made in the recent past, the higher your premium is likely to be
  • insurance excess — generally, the higher your excess, the lower your premium; and vice-versa
  • optional covers — the more optional covers you have, the higher your premium is likely to be
  • government charges, taxes or levies.

*The Cordell Sum Sure Calculator is provided by RP Data Pty Ltd trading as CoreLogic Asia Pacific (ABN 67 087 759 171). The Cordell Sum Sure Estimate is an estimate of the cost to rebuild the improvements on your property and is generated by the Cordell Sum Sure Calculator which uses available property attribute information (including information you input or confirm) together with certain construction data to statistically derive a rebuild estimate through a series of computer implemented algorithms (Cordell Sum Sure Estimate). The Cordell Sum Sure Estimate does not take into account individual design features, site specific conditions, structural conditions and materials, local planning laws or any other regulations and may not be suitable for your particular circumstances. The Cordell Sum Sure Estimate is an indicative guide only and must not be relied upon as an accurate representation of the costs associated with rebuilding your property or in lieu of appropriate professional advice. While CoreLogic uses commercially reasonable efforts to ensure the Cordell Sum Sure Estimate is current, CoreLogic does not warrant the accuracy, currency or completeness of the Cordell Sum Sure Estimate and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Cordell Sum Sure Estimate. Auto & General Services Pty Ltd takes no responsibility for the costs provided by CoreLogic Asia Pacific nor any liability for the accuracy of, reliance upon or use of the costs. Before deciding to purchase any insurance product you should calculate the actual replacement cost of your home and/or contents (as the calculators contain general information only and may not suit your particular circumstances) and read the relevant Product Disclosure Statement available from us.

^Typical contents replacement costs are provided by Sum Insured Pty Ltd, trading as Home Contents (ACN 099 322 308) ('Sum Insured'). Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Sum Insured for its accuracy. Please check with an architect, builder, quantity surveyor, valuer or other suitably qualified professional for an accurate home replacement cost estimate. Auto & General Insurance Services Pty Ltd takes no responsibility for the costs provided by Sum Insured nor any liability for the accuracy of, reliance upon or use of the costs. Before deciding to purchase any insurance product you should calculate the actual replacement cost of your home and/or contents (as the calculators contain general information only and may not suit your particular circumstances) and read the relevant Product Disclosure Statement available from us.

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