Rebuild costs vary from state to state and are affected by the size, style and standard of your home and the materials used to build it. Homes built on sloping land, or those with extensive fencing, paving and retaining walls have higher rebuild costs. The Home Building Calculator automatically includes the cost to remove debris and professional fees (such as architects and engineers) which are often forgotten.

Replacement costs vary depending on the quantity and quality of your contents; and large homes tend to be more extensively furnished than units or townhouses. Your sum insured will vary depending on the quality of your furnishings - ‘average’ lowest price furnishings, ‘quality’ above average price, or ‘prestige’ tailor-made, high-priced furnishings.

Also some ‘high risk’ items are of such a personal nature that their value varies according to taste, for example sporting, photographic and entertainment equipment and jewellery.

The Home Contents Calculator takes each of these elements into consideration when estimating your sum insured. Should the worst ever happen, new for old replacement on most items ensures your lifestyle is disrupted as little as possible in the event of a claim.

Once you’ve used the calculator, take a moment to compare it to your current sum insured to decide if it needs adjusting.

Here are a few things to remember:

• costs vary over time, so review your sum insured every year
• re-evaluate your sum insured when you renovate and make new purchases
• accurate valuations can be provided by an independent professional such as a quality surveyor, valuer, or other suitably qualified professional, and
• the cost of rebuilding your home is not the same as its real estate value.