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Building insurance protects your investment against many types of damage, like flood, fire, storm damage, and earthquakes. If you use your building as a rental, you will need landlord insurance. This protects you against the same types of damage as regular building insurance, and also against loss of rent when the building is damaged and must be vacated, insures your property inside a furnished rental, and covers for legal liability. Landlord insurance policies often offer optional coverage for theft and vandalism by tenants and rent default. All building insurance policies provide you a sum insured, based on the replacement value of the building and any fixtures inside it. This building insurance value calculator uses professional valuation methods to help you determine the replacement cost of your building.
Replacement cost accounts for all of the costs involved in repairing or, if damaged beyond repair, demolishing and constructing a new building of comparable size and quality. Obviously, you don’t want to pay for more insurance than needed, but if you are underinsured and your building is badly damaged, the financial consequences will be painful. If you need to compare insurance, it’s critical to begin with an accurate value for replacement cost.
Our building insurance value calculator can help you estimate the value of your home for insurance purposes by taking into account location, property details, features and more. If you’re applying for a home loan with P&N Bank, we may state a minimum amount that the property should be insured for, based off its valuation.
Our calculator allows you to search a database for your address, and by taking into account all the information available relating to your property, will calculate the cost to rebuild your home in the event of damage.
In the unfortunate event of your property being damaged beyond repair, our building insurance calculator can give you an estimate of the costs involved.
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Disclaimer
The Cordell Sum Sure calculator takes the answers you input (or confirm, as applicable) and analyses them against construction industry data collated by CoreLogic to generate an estimated rebuild cost of the improvements on your property. Use of the Cordell Sum Sure calculator and any estimated rebuild cost provided by it may not be appropriate for you and you will need to assess the suitability of this estimate given your knowledge of your property. A number of qualifications apply to the estimated rebuild cost, which are set out in the full set of terms and conditions accepted by you prior to your use of the Cordell Sum Sure Calculator.
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