VALUE – HOME BUILDINGS INSURANCE
a replacement policy you insure your home for its replacement value.
The replacement value is the amount it would cost to totally rebuild
your home and all the home improvements on the site. It is your
responsibility to know the replacement value of your home. Under a
typical replacement policy if your home is:
50 years old or over, and
you must supply the insurer with photos that clearly show the
condition of your home before it will accept your insurance proposal.
Your home must be in good repair and condition. For example, it must
be watertight, structurally sound, secure, and well maintained. The
best way to determine the replacement value of your home is to obtain
a valuation from a registered valuer.