Home Building Sum Insured Calculator
This calculator will help you to determine an adequate sum insured for your home building, by providing an indication of possible costs and highlighting matters which you must consider.
There are many variables which must be taken into account when determining all of the costs which will be incurred to rebuild your home. It is not possible for TIO to provide a "one size fits all" rebuilding value.
We will provide a suggested per square metre rebuilding cost, but you should take careful note of the assumptions that apply to this suggested cost.
Our suggestions are a guide only. It remains your responsibility to ensure that your sum insured is adequate to cover the rebuilding and replacement costs for your home.
We will also highlight the risk of "Demand Surge" and how this can impact rebuilding costs.
In providing you with a suggested per square metre rebuilding cost, we need to emphasise the assumptions that apply to this cost. These assumptions are:
- Your home is located in or in the proximity to Darwin, Palmerston, Alice Springs or Katherine.
- Your home is not of complex architectural design.
- Your home is a ground level construction.
- Your block of land is flat or of moderate slope only.
- Your home is constructed from standard building materials.
- The specification of finish quality, e.g. bathroom fittings, is average for the region.
Rebuilding costs will also vary depending on the region in which you live.
|Suggested rebuilding costs per square metre as follows (based on assumptions listed above)|
|For homes located in Darwin and Palmerston||$2,400|
|For homes located in Outer Darwin i.e. Howard Springs, Humpty Doo Noonamah etc||$2,500|
|For homes located in Katherine||$2,700|
|For homes located in Alice Springs||$2,700|
These amounts include an allowance for:
- Architect's and Surveyor's fees and certification
- Temporary protection
- Demolition and removal of debris
- This is a guide only and is based on input from various building industry sources. We will review the suggested rate periodically.
- If your home falls outside the scope of one or more of the assumptions, you may have to seek the assistance of a building industry adviser.
You can also calculate your Home Contents Sum Insured