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(07) 3139 3900

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Business Insurance Specialists Pty Ltd

Business Insurance Specialists Pty Ltd is a business insurance broker providing insurance and risk advice to individuals, families, small business and corporate.

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Sum Insured Calculators

Sum Insured Calculators

To assist our clients, we provide a sum insured calculator for your home contents and building sum insureds.

People are often unaware that insurance is provided on a replacement “New for old” basis, in most instances, which unfortunately means in the event of a major loss, there can be under-insurance.

To save the time in obtaining a professional valuation, we recommend a valuation be done using the below calculators. We recommend you send to us a copy of the calculation so we can provide to insurers also. In the event of a loss, having this information can assist in expediting a claim.

Please click on the links as provided below.

Residential
  • Residential Home Sum Insured Calculator
  • Residential Contents Sum Insured Calculator
     

If you have any issues or concerns in completing these calculators, please contact Business Insurance Specialists Pty Ltd and we can complete these calculators with you.

To assist our clients in understanding some of the issues surrounding setting home and contents sum insureds, we have provided some simple Question/Answer guides below:

Does my home insurance sum insured keep up with rising costs? Expand

Normally insurers will index your sum insured with inflation taking into account rising building costs. We also recommend you undertake a review of your sum insured annually, as you may have undertaken a renovation that may have increased the replacement value of your property.

Do I have to list all my home contents, or specify them? Expand

Depending on the type of home policy chosen, you may or may not have to specify certain items. The better home insurance policies have higher limits on items, meaning that you are automatically covered up to certain dollar figure for certain items.

Am I covered for contents items away from home? Expand

Depending upon the policy you have chosen you may be covered. Better policies will have coverage and higher dollar limits. The standard Accidental Loss or Damage home policy provided by Business Insurance Specialists Pty Ltd has an automatic section provided for unspecified contents away from home. Please discuss the dollar limits for both unspecified and specified items you require insured with your account executive.

How is home insurance premium cost determined by insurers? Expand

Premium cost is determined by various factors including the construction, age, location, type of property, values of items to be insured, claims history, excess level chosen and the type of policy taken. Insurers take into account many factors. It is important to answer questions correctly in case of non-disclosure or mis-representation being alleged by the insurer which could deny any claim you may have.

Residential Home Building Sum Insured Calculator Disclaimer
Typical building replacement costs are provided by RP Data Pty Ltd trading as (A.B.N. 67 087 759 171) trading as CoreLogic Asia Pacific (‘CoreLogic’) and typical building contents replacement costs are provided by Sum Insured Pty Ltd (A.B.N. 55 947 630 521 (‘SI’) trading as Home Contents. Whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by CoreLogic, SI and Business Insurance Specialists Pty Ltd (BIS) for its accuracy. Please check with an Architect, Builder, Quantity Surveyor, Valuer or other suitably qualified professional for an accurate estimate. BIS takes no responsibility for the costs provided by CoreLogic or SI, or any liability for the accuracy of or reliance upon or use of, the costs. To the fullest extent permitted by law, CoreLogic, SI and BIS expressly disclaim all warranties, express or implied, including, but not limited to, the implied warranty of fitness for a particular purpose. CoreLogic, SI and BIS do not warrant or make any representations regarding the use or the results of the use of the information provided in terms of its correctness, accuracy, reliability, or otherwise.

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