Much like a car, your house and contents Insurance policy will always need to be serviced – if not, it will ifail when you need it most. For example, your building sums insured should be for replacement cost, not market value of your house and land. Land value should not be included in you building sums insured.

A replacement value can easily be obtained by working out how many squares your house is, multiplied by the value per square. For example, if you had a 22 square brick veneer home and the cost to rebuild was $15,000 per square, then your replacement value would be around $330,000. Keep in mind, quality fixtures and fittings that may also increase to cost of the build.