Classic Home & Contents Insurance Valuation Guide The insurer is GIO General Limited ABN 22 002 861 583, AFSL 229873. This product is distributed by AMP GI Distribution Pty Ltd ABN 40 098 080 810, AFSL 232703.
Putting a sum on your treasured home and belongings Before you take out home and contents insurance you need to work out how much cover you will need. This guide is designed to help you work out a replacement value for your home and contents. Even if you already have home and contents insurance, it can be a worthwhile exercise reviewing your cover every now and then to make sure the cover you have meets your needs. This is especially the case if, for example, you have added an extension to your home or have recently upgraded your furniture or other goods. Please be aware that underinsuring your home and contents, even if unintentional, can result in serious financial loss if you have a claim. Estimating the replacement value of your home The replacement cost of your home may vary depending on its design, features, fixtures and fittings. We ve included a worksheet to help you work out the size of your home, convert imperial squares into square metres and estimate the rebuilding costs to help you work out its replacement value. The amounts shown in the worksheet are provided as a guide to help you work out how much cover you will need for your home. If you d like a professional valuation of your home, we suggest you contact a builder or valuation expert. Follow our 8 easy steps to estimating the replacement value of your home Use our worksheet to help you with steps 1 to 4. 1 Calculate the size of your home in square metres (m 2 ) 2 Calculate the area of any separate garages and domestic sheds 3 Add the amounts from 1 & 2 m 2 4 Using our table of average rebuilding estimates, work out the home building costs per square metre of your home. 5 Work out the replacement value of your home by multiplying the amounts from 3 by the costs in 4. 6 Include the replacement value of any in-ground or fixed swimming pools, saunas, spas (including their pump motors and filters), fixed barbeques, clotheslines, and external blinds and awnings. 7 Include an appropriate figure to account for the cost of building on a difficult site or dealing with unusual home features eg. steep land lot. 8 Add the amounts in 5 + 6 + 7 for the total replacement value for your home. The amount in 8 is an estimate to help you assess how much home insurance cover you need. m 2 m 2 $ $ $ $ $ 2 3
Home valuation worksheet How to measure your home Calculate the size of your home in square metres. You can do this by dividing your house into squares and rectangles to make it easier to measure (see diagram below). Don t forget to include domestic sheds and garages. Record the area of each square or rectangle in the spaces below and add them up to get the total area of your house. Already know the size of your home in imperial squares? Use our conversion chart to convert it into square metres Squares 10ft x 10ft Square Metres Squares 10ft x 10ft Square Metres 12 111 28 260 14 130 30 279 16 149 32 297 18 167 35 325 20 186 40 372 22 204 45 418 25 232 50 465 One square = 9.3 square metres Write down the size of your home Area A x = eg Area A 10 x 10 = 100 Area B x = Area B 6 x 5 = 30 Area C x = Area C 2 x 2 = 4 Total = Total = 134 Use this table of average rebuilding estimates to work out the replacement value of your home Multiply the total area of your home from step 3 by the cost per square metre from the average home building costs table. Choose the building cost that best matches the state and period of your home. Costs are per square metre and include GST. The replacement value of my home is (step 5) m 2 x $ = $ 4 5
NSW average home building QLD average home building 2,280 2,070 2,640 2,390 4,040 3,650 2,130 1890 2,460 2,180 3,760 3,340 2,300 2,110 2,660 2,430 3,630 3,320 2,090 2,410 3,290 2,940 2,090 1,910 2,450 2,240 3,410 3,120 1,890 1,690 2,220 1,990 3,080 2,760 1,800 1,650 1,570 2,360 2,050 3,320 3,040 2,890 1,640 1,460 1,410 2,140 1,920 1,840 3,010 2,690 2,590 1,290 1,440 1,300 1,250 1,220 2,190 2,400 2,200 2,120 2,080 3,080 3,420 3,100 2,990 2,930 1,180 1,330 1,170 1,140 1,120 2,000 2,260 1,990 1,940 1,900 2,830 3,180 2,800 2,740 2,680 990 1,110 1,000 960 940 1,680 1,850 1,700 1,640 1,600 2,380 2,630 2,390 2,310 2,260 910 1,020 900 880 860 1,540 1,740 1,530 1,500 1,460 2,180 2,450 2,110 2,060 6 7
SA average home building VIC average home building 2,110 1,930 2,440 2,230 3,720 3,410 2,210 1,980 2,560 2,290 3,910 3,510 2,070 1,910 2,390 2,200 3,260 3,000 2,190 1,980 2,530 2,290 3,450 3,120 1,720 2,190 2,020 3,050 2,810 1,920 1,730 2,250 2,030 3,130 2,820 1,620 1,490 1,430 2,120 1,950 2,980 2,740 2,630 1,650 1,490 1,440 1,950 1,890 3,040 2,740 2,650 1,210 1,330 1,210 1,180 1,150 2,050 2,250 2,050 1,990 1,960 2,890 3,180 2,890 2,810 2,760 1,160 1,310 1,160 1,140 1,110 1,980 2,220 1,960 1,930 1,890 2,790 3,130 2,770 2,720 2,670 980 1,080 980 950 940 1,660 1,830 1,660 1,620 1,590 2,340 2,580 2,340 2,280 2,240 990 1,110 980 970 950 1,680 1,890 1,670 1,640 1,610 2,370 2,660 2,350 2,310 2,270 8 9
NT average home building ACT average home building 2,710 2,480 3,130 2,860 4,770 4,370 2,330 2,120 2,700 2,440 4,130 3,730 2,650 2,450 3,060 2,820 4,180 3,840 2,350 2,720 2,480 3,710 3,390 2,400 2,210 2,810 2,590 3,910 3,600 2,140 1,950 2,500 2,290 3,480 3,190 2,080 1,910 1,840 2,720 2,500 2,400 3,820 3,510 3,370 1,840 1,690 1,610 2,410 2,210 2,100 3,390 3,110 2,950 1,550 1,710 1,550 1,520 1,480 2,630 2,880 2,630 2,550 2,510 3,700 4,080 3,700 3,600 3,540 1,320 1,470 1,330 1,280 1,250 2,240 2,450 2,250 2,170 2,130 3,150 3,490 3,170 3,050 2,990 1,260 1,390 1,260 1,220 1,210 2,130 2,350 2,130 2,080 2,040 3,000 3,310 3,000 2,920 2,870 1,010 1,140 1,020 980 960 1,720 1,890 1,740 1,680 1,640 2,430 2,690 2,440 2,360 2,310 10 11
TAS average home building WA average home building 2,080 2,410 3,680 3,300 2,020 2,490 2,340 3,810 3,580 2,060 2,380 3,250 2,940 2,100 1,980 2,430 2,290 3,310 3,120 1,810 1,630 2,120 1,910 2,950 2,660 1,910 1,800 2,240 2,110 3,110 2,940 1,560 1,410 1,360 2,040 1,840 1,780 2,860 2,580 2,500 1,630 1,540 1,450 2,140 2,010 1,900 3,010 2,830 2,670 1,100 1,240 1,100 1,080 1,050 2,090 1,850 1,820 1,780 2,630 2,950 2,610 2,560 2,510 1,230 1,340 1,250 1,200 1,180 2,080 2,280 2,130 2,040 2,000 2,940 3,220 3,000 2,870 2,820 940 1,050 930 920 900 1,580 1,780 1,570 1,550 1,520 2,230 2,510 2,210 2,180 2,140 950 1,040 970 930 910 1,600 1,760 1,640 1,570 1,540 2,260 2,480 2,310 2,210 2,170 12 13
Estimating the replacement value of your contents At AMP, with our Classic contents cover we replace or repair your contents new for old, regardless of their age. When you are working out the value of your contents, think of what it would cost to buy them new today. As a guide, we ve included value estimates for commonly found rooms in the home. We ve included, and value estimates. The amounts shown in this guide are provided to help you work out how much cover you need for your contents. If you have special items requiring a professional valuation we suggest you seek advice from a qualified valuer. Follow our 3 easy steps to value your contents Step 1. Estimate the value of each room s contents. Home Contents (per room) Room Bedroom (1 x adult) Bedroom (2 x adult) 10,550 24,550 69,950 14,650 34,150 96,550 Your Value Bedroom (1 x child) Bedroom (2 x child) 7,400 15,850 40,850 11,500 24,450 65,350 Bathroom 750 1,400 3,050 Kitchen 5,700 10,350 24,850 Laundry 1,900 3,450 6,550 Entry/Foyer 1,100 2,500 6,000 Dining 4,850 11,250 29,950 Living/ Lounge 11,700 23,800 59,250 Family 6,850 13,450 30,200 Rumpus 4,800 10,250 24,050 Sunroom 2,950 6,250 12,700 Study 4,250 7,900 20,650 Billiard 4,850 8,800 19,000 Garage/ Storage 2,850 5,150 10,700 Garden Shed 1,150 1,800 2,850 Patio/ Balcony/Deck 1,250 2,450 5,400 Pool Area 2,850 4,500 8,600 TOTAL 1 14 15
Step 2. Estimate the value of your valuables Some contents items need to be listed separately on your policy, particularly if they are valuable. The following table shows items with flexible limits and the most we will pay for any one insured incident. You can request to have these items insured for their full replacement value, however, you must contact us and we must agree. Please refer to the AMP Classic Home and Contents Insurance Product Disclosure Statement (PDS) for full details of our contents cover and the limits and exclusions that apply. Step 3. Add up your total contents Transfer the totals from steps 1 and 2 to get the total value of your contents. This figure is an estimate to help you assess how much contents cover you need. 1. 2.* Total *These items may need to be listed separately on your certificate of insurance. Examples of items with Flexible limits* Jewellery and watches The most we will pay for any one insured incident Up to $1,000 for each item or set, but not more than a total of $4,000 Your value (incl. GST) Next steps Now you have an estimate of what it would cost to replace your home and contents, you can call us, or contact your AMP Adviser for an obligation-free quote. We can also help you with any special items you need to insure. CDs, DVDs, audio and videotapes, records, computer discs, computer software, game cartridges and consoles Carpets or rugs that are hand-woven Silver and gold items, items plated with silver or gold (unless limited elsewhere in the PDS) Up to $5,000 in total Up to $2,000 for each carpet or rug Up to $2,000 for each item or set Combine your home and its contents onto the one policy and save 15% off the total premium. For added peace of mind all our insurance policies come with a 21 day cooling-off period. This means if you change your mind about your insurance and you haven t made a claim, you can cancel your policy and we will refund your premium in full. Paintings, pictures, works of art, sculptures and art objects Stamps, stamp collections, collector s pins, medals and collector s nonnegotiable currency Collections or memorabilia Up to $10,000 for each item or set but not more than a total of $50,000 Up to $2,000 in total Up to $2,000 in total Code of Practice AMP has adopted and supports the General Insurance Code of Practice. For more information telephone 133 888. Ask us for a quote today Call us on 131 436 (24 hours a day every day) Contact your AMP Adviser TOTAL 2 16 17
Important information about how this guide works The information for calculating the estimated replacement costs of your Home Building is provided by Reed Business Information Pty Ltd (ABN 47 000 146 821) trading as Reed Construction Data, and is licensed to GIO and authorised for AMP GI Distribution use in this brochure. The brochure contains typical building replacement costs identified by Reed from its industry research. All building replacement costs include GST. Our policy covers the removal of home debris caused by damage, demolition of the home and if the home is to be repaired or rebuilt, we will also pay the reasonable and necessary cost of architect s, engineer s or surveyor s fees. We will pay this in addition to the sum insured for your home and the most we will pay for this additional feature for any one insured event is 15% of your home sum insured. Reed authorises use of this building information on the basis that whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Reed for its accuracy. GIO and AMP GI Distribution take no responsibility for the accuracy of the information, or results derived from its use. The information for calculating the estimated replacement costs of your Home Contents is provided by Sum Insured Pty Ltd (ABN 75 099 322 308) trading as Home Contents, and is licensed to GIO and authorised for AMP GI Distribution use in this brochure. The brochure contains typical contents replacements costs identified by Sum Insured Pty Ltd from its industry research. All contents replacement costs include GST. Sum Insured authorises use of this contents information on the basis that whilst every care is taken to ensure the accuracy of the information as a guide for costing, no responsibility is accepted by Sum Insured for its accuracy. GIO and AMP GI Distribution takes no responsibility for the accuracy of the information, or results derived from its use. The value of your Home Building and Contents will vary depending on your circumstances. This guide does not provide a definitive valuation of any Home Building or Contents. For a professional valuation you will need to contact an Architect, Builder, Valuer or other valuation expert. This guide is only a valuation tool. Nothing in this guide should be taken as advice or a recommendation to acquire any product. Classic Home and Contents insurance is issued by GIO General Limited ABN 22 002 861 583 and distributed by AMP GI Distribution Pty Ltd ABN 40 098 080 810. Please read the Product Disclosure Statement before you make any decisions regarding the product. Contact AMP for a copy. 18
Contact us Contact your AMP Adviser General queries 131 436 Claims 131 437 Visit www.amp.com.au * Classic Home and Contents Insurance Product Disclosure Statement This product is issued by GIO General Limited ABN 22 002 861 583 and distributed by AMP GI Distribution Pty Ltd ABN 40 098 080 810. A Product Disclosure Statement (PDS) is available for this product and may be obtained from your AMP Adviser or by contacting 131 436. You should consider the PDS in deciding whether to acquire or to continue to hold this product. This brochure does not form part of the AMP Classic Home and Contents Insurance Product Disclosure Statement. Insurance provided to approved applicants. Terms and Conditions apply. General Advice ning Any advice in this brochure has been given without taking into account your particular objectives, financial situation or needs. For that reason, before acting on the advice you should consider the appropriateness of the advice having regard for your own objectives, financial situation or needs. Where the advice relates to the acquisition of a particular financial product, you should obtain a Product Disclosure Statement relating to the product and consider the Product Disclosure Statement before making any decision about whether to acquire the product. GI9008 01/11/08 A