Calculating home insurance before you buy

Buying or building a home is exciting but also expensive. You’ll fork out some hefty costs, like pest inspections, settlement costs, taxes and, probably, a mortgage. However, home insurance is one cost many new homeowners seem to overlook.

What can influence the cost of home insurance?

Some factors that could affect the cost of your home insurance include:

• your new home’s location
• house fittings, and
• the age, structure and size of your home.

These factors can vary depending on the insurer.

How location can impact the cost of your insurance

Location is one of the most significant considerations in the real estate game. But for insurance purposes, it can go beyond your proximity to public transport, schools, and your favourite bars.

Another factor may be how at-risk the property is for flooding, bushfires, storms and other natural disasters.

Suncorp Insurance, for example, includes automatic flood cover^ for all Suncorp Home and Contents Insurance policy holders. Your home is covered for damage by storms, bushfires, and tsunamis if you’ve had a policy for more than 72 hours.

Buying or building in an area where home invasions and burglary are more common could also affect the cost of home insurance.

Learn more about Suncorp Home Insurance

Calculating your home insurance

When insuring your house, it can be difficult to estimate the cost of rebuilding your home or replacing your belongings. Suncorp Insurance offers access to two home insurance calculators that could help you with that task.

• Building calculator: use this to estimate how much it would cost to rebuild your home.
• Contents calculator: use this to estimate the amount of cover you may need for your household items and belongings.

These calculators are only a guide to help give you an estimate of what it could cost to rebuild your house and replace your belongings. From here you can decide how much you would like to insure your home and contents for (your ‘Sum Insured’).

Follow the easy steps to get a quote online with Suncorp Insurance. Before you get a quote, be ready to provide details such as the property’s address and how you intend to use it (e.g. as a rental or to live in yourself).

Get a Home Insurance quote

Read more:

• How to make a home insurance claim with Suncorp Insurance
• Insurance before settlement: Do you need it?
• How to create and protect your home office

* Limits, conditions and exclusions apply. Read the PDS for details.

^ We do not insure you for bushfire, storm, storm surge, flood or tsunami in the first 72 hours of your policy. Very limited exceptions apply.

Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. The Target Market Determination (TMD) is also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.