When considering the sum insured for your buildings, this amount should cover the full cost to rebuild your home including the cost of fixtures such as carports, fences and inground pools. It should also include costs such as demolition and clearing debris from the land in the event of a total loss, however, the buildings sum insured should not include land value.
You should also consider increased building costs to meet stringent and Local Council building requirements. If you are unsure of the replacement cost, a professional such as a builder or architect may be able to assist you. You can use a home building calculator to help estimate a value. If you are unsure of the replacement cost, please consult an appropriate building professional as the information we have provided is generic and may not be suitable for you.