We all know it is very important to protect the assets we have worked so hard to obtain but do you really know how much it would cost to replace them if the worst was to happen?
Knowing how much insurance you need is as important as taking the insurance out in the first place.
Most people underestimate how much it would cost to rebuild their home. Similarly contents and personal effects are almost always underestimated in the replacement value. Too often we speak to our clients and they tell us “$50,000 ought to replace all my contents.” We tend to forget about everyday items such as cutlery, linen, clothing, and books when thinking about insuring our contents. These are things which are important to day to day living and you’ll need to replace them just as much as larger items if a loss occurs.
These days an average 3-4 bedroom house would more likely cost $150,000 to $200,000 to refill with all of the household items and personal effects!
If you are not sure of the Rebuild or Replacement, don’t guess. This is dangerous as you could wind up not having enough money to rebuild, repair or replace your items should something happen.
To assist our clients, Tudor Insurance Australia have a Home Building Replacement Cost Calculator & a Home Contents Calculator for our clients use with thanks to the Steadfast Group Ltd
The easy to use online Home Building Replacement Cost Calculator will determine the right replacement value of your home by adding up factors such as the features of your home, rooms, bathrooms, fixtures, how it is finished, age, location, construction limitations, and sourcing of materials to match. This helps to provide the most accurate estimate possible to help you later on.
The Home Contents Calculator takes you through each room of your home and estimate the value of items inside. If you have Jewellery, Antiques or other Collections we recommend obtaining replacement costs from a professional valuer.
Along with our calculators we will also advise you if you need extra cover for your valuable or portable items. Most Home & Contents Insurance Policies have limits for Jewellery, Collections and other high value items.
Please feel free to give us a call on (03) 9707 3033 and one of our friendly team will be more than happy to discuss your Home and Contents Insurances requirements.
Important note – the information provided here is general advice only and has been prepared without taking in account your objectives, financial situation or needs.
Disclaimer: Typical building replacement costs are provided by Reed Business Information Pty Ltd (A.B.N. 80 132 719 861) trading as Cordell Information (‘Cordell’) and typical building contents replacement costs are provided by Sum Insured Pty Ltd (A.B.N. 55 947 630 521 (‘SI’) trading as Home Contents. Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Cordell, SI, Steadfast or Tudor Insurance Australia for its accuracy. Please check with an Architect, Builder, Quantity Surveyor, Valuer or other suitably qualified professional for an accurate estimate. Neither Steadfast nor Tudor Insurance Australia takes any responsibility for the costs provided by Cordell or SI, or any liability for the accuracy of or reliance upon or use of, the costs. To the fullest extent permitted by law, Cordell, SI, Steadfast and Tudor Insurance Australia expressly disclaim all warranties, express or implied, including, but not limited to, the implied warranty of fitness for a particular purpose. Cordell, SI, Steadfast and Tudor Insurance Australia do not warrant or make any representations regarding the use or the results of the use of the information provided in terms of its correctness, accuracy, reliability, or otherwise.
Information is current as at the date articles are written as specified within them but is subject to change.