When you insure your building, you'll need to know how much insurance cover you
need. We have developed a handy and easy to use guide to help you estimate the right
amount of cover. Simply enter in the required values and click the 'Calculate Total'
button at the end to obtain an estimate of the replacement value of your building.
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Choosing a replacement value for your building
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Step 1
Take the outside measurements of your building (in metres) and multiply the width
and length to get the area. Don't forget to add on the area of upper floors and
basements.
If you know the floor area of your building in 'squares', enter the number of squares.
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sq mtrs:
Or
sq's:
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Step 2
Select your state. |
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Step 3
Select the main construction material of your building.
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Step 4
Add the estimated replacement value of any improvements (e.g. fences, paths and
driveways, fixed swimming pools, carports, garden sheds).
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$
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Step 5
Add at least 20% to allow for additional reconstruction costs involved (e.g. - architects
and engineers fees, and location or site difficulties).
You can choose to enter your own estimate of any additional costs or if you would
like us to calculate 20%, click on the button below.
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$
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Total Building Sum Insured |
$
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Please Note:
- If you would like to recalculate your Building Sum Insured by changing any
of the above values, make sure you click the 'Reset All Values' button before entering
all new amounts.
- The above calculation is based on approximate building costs per square metre for
a home in the respective State or Territory capital city with a high standard of
finish (with no air conditioning). These costs are obtained from a leading authority
in the construction industry and are an indication of estimated construction costs
for capital city location only, as at 31st March 2007.
- As building costs vary widely according to location, construction methods, materials
and standards of finish, you may wish to consult an architect or builder as to specific
costs before proceeding. In this case you should keep any evidence of the valuation
of the property.
- Do not include the value of land in your calculation.
- Please note that the replacement values used in the Building Sum Insured Calculator
and Contents Sum Insured Calculator are an indication of replacement values only
and do not take into account the effect of the Goods and Services Tax and related
changes to Commonwealth and State taxes.
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Important information: This advice has been prepared without taking into account
your individual objectives, financial situation or needs. You should, before acting
on this information, consider its appropriateness to your circumstances. CommInsure
is a registered business name of Commonwealth Insurance Limited (CIL) ABN 96 067
524 216 AFSL 235030. A Product Disclosure Statement (PDS) for CommInsure Home Insurance
issued by CIL is available by downloading it from comminsure.com.au or by calling
13 24 23 and should be considered before making any decisions about these products.
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