Home Insurance protects the investment you have in your property. It covers buildings and improvements on your land such as fences, a shed or garage. If you have a mortgage using your property as security, most lenders will require you to take out this type of cover as a condition of your loan.
Ensure that any renovations you undertake are covered under your insurance and that your insurance level is adequate to cover any loss that may occur.
How to value your home for Building Insurance
Every building is different, and it is difficult to apply a general rule. But, the table below uses average building costs to provide a guide. First of all you need to know the size of your home. One house square is equivalent to 9.3 square metres and 100 square feet.
Construction Type - Rebuilding cost per square metre
Double brick $1,000
Brick veneer $900
Sandstone veneer $1,125
Aluminium siding $725
On top of this, you need to add an amount for separate garages, carports, swimming pools, granny flats, etc.