How to value your home and contents

Working out the value of your home and contents is important to ensure that you do not become underinsured and unable to replace your home or property to the same level in the case of a loss occurring. It’s easy to underestimate the value of our property and possessions. So, let’s look at how you can ensure you don’t end up underinsured and in the lurch, should something go wrong.

Replacing your contents

A quick guess as to how much your possessions are worth may fall short of their actual replacement value. Online calculators can help you to take inventory of your possessions room by room so that you do not miss anything.

This process means that everyday items which might be considered as inexpensive such as linen, cutlery or books and clothes are not missed, and can be replaced if needed at once later on. Some of your possessions may also reach over the single item limit within your insurance policy. This may mean for example, that valuable jewellery and artwork may need to be separately listed on your policy to avoid underinsurance. You can speak to your insurer or find out this information in the Product Disclosure Statement.

Performing an inventory room by room will also give you the opportunity to take photos of your contents. These photos can later be used to provide proof to your insurer of ownership and can help jog your memory should you need to remember what you had.

Replacing your home

By accurately predicting how much it will cost to completely rebuild your home, you will ensure you have the right level of cover in place.

Online calculators, such as that from CGU, are here to help predict the costs of rebuilding a home. The detail required is necessary to provide an accurate estimate for the value of the home. Calculators such as this one can be used as a good guide and will consider the features of the home and information about the age of the home, rooms, fixtures, and structure.

Sometimes the cost of rebuilding a home may go up over time also. This may be because you have added features to the home, extended it, or renovated. It’s important to let your insurer know if this happens so the policy can be adjusted, not just at renewal time.

With some additional effort and help of online calculators, you can make sure you are not underinsured for your home and contents. For more information about home and contents insurance click here to find out more.


Insurance issued by Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only. Consider the relevant PDS available from cgu.com.au to see if a product is right for you.