Home Valuations

How much will it cost to rebuild a property?   Most people allocate an approximate figure, hoping it is adequate in the event of a disaster, and unfortunately end up underinsured, particularly if the insured figure is not regularly reviewed.   ASIC reports that houses destroyed by the Canberra bushfires in 2003 were underinsured by 27 to 40 per cent.  The following guide will assist you in getting started with setting the sum insured.

 

Description	Perth	Sydney	Brisbane	Melbourne	Adelaide	Canberra
House of standard design	$1,000	$ 838	$1,000	$ 918	$ 824	$ 983
Medium standard house	$ 1,493	$ 1,163	$ 1,650	$1,122	$ 1,051	$ 1,474
High standard house	$ 2,213	$ 1,583	$ 3,650	$ 2,550	$ 1,585	$ 1,843

Source: Australian Institute of Quantity Surveyors; Issued June 2011; All rates are quoted in m² and exclude GST.

Calculating your Home sum insured

For your insurance to be effective, it needs to be both adequate and up to date. Rebuild costs vary from state to state and are affected by the size, style and standard of the 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. QBE's useful on-line calculators are a quick and easy way to help you estimate the cost of replacing your home and include often forgotten cost of debris removal and professional fees (such as architects and engineers fees).Other considerations include:

• Costs vary over time, so review your sum insured every year
• Re-evaluate your sum insured when you renovate or make new purchases
• Accurate valuations can be provided by an independent professional such as a quantity surveyor
• The cost of rebuilding your home is not the same as its real estate value

 

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