Market value is the estimated price your property – the dwelling and the land – would sell for on the open real estate market.
Replacement cost is the price to completely reconstruct your property's residential building and other structures if they were totally destroyed, for example, by fire.
It’s important to appreciate the distinction – and for you to insure your home for its replacement cost.
It’s up to you to decide how much it would cost to replace your home (the sum insured).
Use these calculators to help you estimate how much it would cost to replace your home.