Valuing your home and contents for insurance can seem like a large task, however once it is done thoroughly it means you can rest assured that your possessions and your home are protected in case of a loss.
Check out these tips on things to include when valuing your home & contents.
When valuing your home, you will need to estimate the cost to rebuild it, should something go wrong. Start by working out these things:
Firstly, map out the size of your home in m2, either with a tape measure or taking some big steps! The size will come in handy a bit later on, when valuing your building.
2. Select the building style and period of construction that most closely matches your home
The building style relates to the types of building materials and finishes used when your home was built. Consider things like timber frames, weatherboard linings and brick wall types.
This will help you determine which period your home was built in:
- Victorian (1840-1890)
- Federation (1891-1913)
- War (1914-1945)
- Post War (1946-1959)
- Contemporary (1960-present)
- Project (1960-present)
Depending on which state you live in, the period your home was built in, as well as the wall type of the structure, the average cost to replace your building per m2 can be determined.
The best way to put together and work out this information is to use our insurance calculator. It will easily perform all of your estimates and calculations for you.
If your home is elevated (usually 1.2m above ground level) or on sloping land, this may add to your building cost.
You can always use an independent surveyor, a builder or an architect to help you with establishing an accurate cost for rebuilding your home.
Take it room by room when determining the value of your contents and don’t forget to count all of the rooms inside and outside of your house.
This includes the usual’s like the kitchen, laundry, bathroom, bedrooms, entry and dining room. As well as others like the Patio/Balcony or deck, garden shed, tennis court, carport, gazebo and hot house.
Types of contents to include
Then consider all of the Household items that you may need to replace should something go wrong. These will all add up to more than you would expect!
- Appliances (thermomixer, coffee machine, blender)
- Sporting gear
- Garden equipment (lawn mower, chainsaw)
- Unfixed electrical goods (Laptop, mobile, iPod)
- And many others!
Hot tip: It’s a great idea to take photos and keep receipts to prove ownership down the track!
Also keep in mind that certain items like jewellery, CD’s and power tools may have limits to their cover under general contents and you may want to list them separately on your insurance policy.
Alternatively, if you are using an insurance calculator, it will estimate the average quality of contents you’re likely to have in each room.
Always add the cost of any additional features or home improvements you’re planning and let your insurer know before you’ve made them to help avoid underinsurance!
MyState Bank Limited (MyState Bank) ABN 89 067 729 195 AFSL 240896 acts under its own AFSL and under an agreement with the Insurance product issuer, Insurance Australia Limited ABN 11 000 016 722 (IAL) trading as CGU Insurance. Consider the appropriateness of any product to your own circumstances, IALs normal underwriting, terms and conditions, acceptance criteria apply. Consider IALs Product Disclosure Statement (PDS) available at mystate.com.au.