Insurance companies have recently moved to a sum insured basis for replacement cover on residential properties.

This means, instead of your home insurance covering you for an unspecified "replacement cost", when your policy next renews you will be required to specify a maximum value to which you are insured. It's vital that you get this right!

This change requires the property owner to determine the appropriate insurance cover for their property. Few owners have the tools or knowledge to undertake this task adequately themselves.

Can I just use an online calculator?

Most insurance companies are providing their clients with access to free online calculators.  These calculators utilise general property and building data which may not correlate to your property. The calculators also require accurate measurements, not just of floor area but of ground slope and other environmental factors. These calculators may not be reliable in setting an appropriate replacement cost - especially in relation to special landscape features such as swimming pools and retaining walls or if the home is architectural or of superior quality.

An insurance valuation from Hills Haden will remove the guesswork and the risk out of the calculation. You will be provided with a professional report which provides the required answers.  A report from a registered valuer is independent, professional, objective, and specific.

Why use Hills Haden registered valuers?

A registered valuer is a trusted, independent property professional who can provide an impartial and professional report on the expected cost to replace the improvements on your property in the event of a fire or other disaster.

An insurance certificate by a Registered Valuer includes the cost to replace your home with ‘modern equivalent’ materials, inclusive of all fixtures and fittings, as well as any improvements you would replace (fences, retaining walls, paths, driveways, pools, septic/water tanks, etc). It will also make allowances for demolition costs, professional fees (architects, engineers etc) and inflation increases until the rebuild occurs.

How can Hills Haden can help you with your insurance valuation?

One of our valuers inspects the property, takes note of the construction of the home, measures the home and other buildings and makes note of site improvements, retaining etc. A report is then prepared for the insurance company detailing replacement cost in the case of loss including a full description of the property.

We will also offer advice if we believe that the sum insured nominated by your insurance company is sufficient and that we do not believe that having an insurance valuation report completed by ourselves is necessary.

Contact us to find out more about how we can help you with your insurance valuation.

Hills Haden
Hills Haden