How Much Protection do I Need?
Recent surveys in Australia found that a majority of home-owners underestimated the actual cost of rebuilding their home. Many had forgotten to include the additional costs of protecting recent renovations or had not reviewed the replacement value for many years.
Because it is always difficult to determine how much protection you need, we suggest that you seek professional guidance from a licensed valuer, quantity surveyor or builder to help you work out the replacement cost that you need to nominate on your application for protection. If there is a new home being built near to you that is similar to your home, a chat with the owners or the builder about the cost of that home can also point you in the right direction. The important thing is to review the nominated protection amount on a regular basis to ensure you have peace of mind.
Remember, it is your responsibility to make sure the building has sufficient protection in place to meet its full replacement value.