When you take out buildings and contents insurance, it’s important that the insurance value you nominate (known as your ‘sum insured’) accurately reflects the actual amount it would cost to rebuild your property and replace your belongings. If you’re insured for less than the replacement value of your buildings and contents, you may have to pay the difference. This can potentially impact your ability to rebuild and restart after an insured event.
If you already have insurance, it’s important that you keep the insured value of your buildings and contents up to date. A gap between your sum insured and the actual value of your buildings and contents may occur over time as you upgrade your belongings, buy new items or make renovations to your property. If you are undertaking renovations over $75,000, it’s important you notify us as it may affect the coverage and the terms and conditions of your Home and Contents and/or Landlord insurance policy.
Buildings Replacement Cost Calculator
For home owners and landlords
The calculator will estimate a replacement cost by using the general information about your home buildings and contents provided by you. The estimate may not be appropriate for you and you will need to assess its suitability given your knowledge of your property and contents. It is your responsibility to ensure that the level of cover will be adequate to replace your buildings and home contents in the event of a covered claim. Any advice here does not take into account your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before deciding whether our home insurance is right for you please consider the relevant Product Disclosure Statement (PDS)/Policy Wording, Supplementary PDS (where applicable) & PDS update (privacy notice) available on this website
Some general contents items have a maximum limit on the amount they can be insured for, these items include (but are not limited to) jewellery, cameras, paintings, laptops and mobiles.
If you need to insure general contents with set limits higher than the policy limits allow, you may be able to list them separately on your policy schedule as Specified Contents for cover at the insured address only, or as Listed Portable Contents for cover at the insured address and anywhere in the world (up to 120 days continuous cover outside Australia per period of insurance).
A discount of up to 10% on your premium for combining Buildings and Contents covers on one policy is applied for Buildings and Contents and Accidental damage where you have selected these covers, but not Portable contents or Disaster cover. If you are eligible for more than one discount, TIO applies them in a predetermined order. This means the effect of applying any subsequent discount will be reduced. For example, the aggregate effect of applying multiple discounts consecutively means that you will not see the full benefit of both these discounts. Discounts do not apply to taxes or government charges. Any discounts/entitlements may be subject to rounding and only apply to the extent that any minimum premium is not reached. Minimum premiums may apply.
2. 72 hour waiting periods for loss or damage occurring from cyclones, storm surge or floods
To manage the risk of people taking out insurance on their uninsured home buildings or contents or increasing cover on their underinsured home buildings or contents when events such as cyclones, floods or storm surge are predicted, TIO applies a 72-hour exclusion period to some insured events. We do not provide cover (where the type of cover you have under the policy provides it) for any loss of or damage to your property caused by cyclone, flood or storm surge, during the first 72 hours after you first take out or increase the cover under the policy. However, you will be covered from the time you take out or amend your policy for loss or damage to your buildings and/or contents caused by other insured events.