The amount you insure your home and contents for (we call that the ‘sum insured’) should be enough to rebuild your home or replace your contents if you had to do it today.Remember, when we talk about your home, we don't just mean the building itself. If you have things like fences, sheds, in-ground pools, or covered car spaces, they count too.There are a few things to think about:If you underinsure your home and contents, you may be caught short if you have to totally rebuild and replace themIf you insure your home and contents for more than it costs to rebuild and replace them, you'll only be able to claim the actual cost to do soYour building sum insured will be different to the market value of your home, which you might find on a property valuation, because it doesn't include the land valueMake sure you include the cost of demolition and debris removal, building and planning professionals, plus any statutory or regulatory requirements.You can use our buildings calculator and contents calculator as a guide.^