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 building and home contents if they were totally destroyed, for example, by fire - the ‘sum insured’.
It’s the maximum amount we’ll pay, so it’s important you’re comfortable the sum insured you nominate is sufficient to replace your home and contents at today’s prices.
Calculating the replacement cost of a home and its contents is complex. To make it easier, we’ve made available a range of calculators from leading estimators Cordell Information and Sum Insured:
Express building calculator
Answer a short series of questions about your homebuilding and get a quick estimate of the cost of replacing it.
Full building calculator
Answer a longer series of questions about your home building and get a more comprehensive estimate of the cost of replacing it.
Content 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.
Get more with Budget Direct home insurance
At the end of each insurance period, we’ll automatically increase your home building and home contents sums insured, to reflect rises in costs.
You do not have to accept the increased sums insured (and higher premiums). Regardless, we encourage you to regularly review your sums insured, which you can amend at any time (subject to our acceptance).
(We will not automatically increase the sums insured for your specified, or listed, contents.)
Underinsurance safety net
For added peace of mind, you may wish to add the Sum Insured Safeguard benefit to your home building cover.
If you select this optional benefit, we’ll increase your home building sum insured by up to 25% if your nominated sum is not sufficient to repair or replace your damaged home (e.g. from $400,000 to $500,000).
Extra rebuilding and temporary accommodation costs
We’ll cover not only the replacement cost of your home building, but also extra rebuilding costs, including debris removal, professional (e.g. architect, surveyor) and building application fees – up to 10% of your sum insured.
In addition, if the damage to your home makes it unfit to live in, we’ll pay for temporary accommodation for your family and pets – up to 10% of your sum insured, up to 12 months.
These extra costs will be paid in addition to your total sum insured.
Typical building replacement costs are provided by Cordell Information Pty Ltd (ABN 95 159 137 274) (Cordell); and typical building 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 either Cordell or Sum Insured for its accuracy. Please check with an architect, builder, quantity surveyor, valuer or other suitably qualified professional for an accurate estimate. Auto & General Insurance Services Pty Ltd (trading as Budget Direct) takes no responsibility for the costs provided by Cordell or Sum Insured nor any liability for the accuracy of, reliance upon or use of the costs. Before deciding to purchase any 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.
When you buy combined home and contents insurance online