Your home insurance premium will depend on a number of variable factors including the street address, the year the house was built, the building materials used, its size, the types of appliances that have been installed (including air conditioning and hot water systems), and the level of coverage you need. Essentially, home insurance premiums are calculated based on how much it would cost to replace your home if it’s destroyed or damaged, as well as the chances of damage occurring.
The CoreLogic sum insured calculator works by generating an estimate of rebuild costs. When it comes to insurance, this estimate is potentially more important than the market value of your home, or how much you originally paid for it.
If you’d like a more accurate idea of how much it might cost to insure your home, start a quote today.
No, it’s not a legal requirement of home ownership in Australia to have home and contents insurance. However, it’s always a good idea to explore your home insurance options, to protect your investment in case something unexpected happens, such as a storm, fire or flood.
Home insurance premiums are calculated based on, among other things, how much it would cost to repair or rebuild your house following an insured event. The location of your house will be taken into account when you start a quote for home insurance because certain suburbs have higher crime rates, while others are more susceptible to extreme weather events. The cost of your home insurance will also depend on the level of coverage you have chosen, plus the level of excess (i.e. a pre-agreed amount of money you’ll need to pay if you make an insurance claim).
If you want to get an estimate of how much it might cost to rebuild your home, you can use the CoreLogic sum insured calculator. You can also start a quote with Youi to get a more accurate idea of how much it might cost to keep your home covered.