We use industry-specific software which uses your square footage and construction details to calculate what it should cost today if you needed to rebuild your home from the ground up. Having this calculation on file allows the Insurer to offer what is known as “Guaranteed Replacement Cost” coverage – this means that in the event of a total loss you would have enough to rebuild your home.
Your insurer will automatically apply an inflationary increase (usually 3-7%) to the Building coverage limit on renewal to ensure you keep up with increasing costs of construction each year. From time to time we may refresh this calculation for accuracy.