Why have Safety Net Home Protection Option?
Even though you may do everything right to insure your home for its true replacement cost, disasters like a large storm or bushfire can cause building costs to surge, leaving you without enough cover to rebuild your home.
With this option in place if your home is damaged in an incident covered by your policy and the cost of repairing or replacing it exceeds your sum insured, then we will pay up to an extra percentage of your home sum insured based on your level of cover to rebuild or repair it.
Can I reduce the sum insured on my home to offset Safety Net and possibly save on my premium?
Deliberately insuring for less than the real rebuilding cost of your home could lead to a significant financial loss, and we don’t want to see this happen to any homeowner.
Unfortunately if you are seriously underinsured, we may not be able to offer insurance or we might not agree to your nominated home sum insured.
Can I decide that I don’t want Safety Net?
In our Home and contents policy this is an option under our Classic level of cover and you can choose if you what to add this, however it is automatically included under the Classic Extras and classic advantages level and can not be removed.
Choosing your sum insured
Unless you recently built your home and you know its replacement cost, most people need help to work out the sum insured on their home.
For assistance you can choose to use an expert such as a quantity surveyor or licensed builder to tell you what it costs to completely rebuild your home using new materials and to comply with current building by-laws and regulations.
If you dont want to pay for an expert, you can:
- Use our building cost calculator as a guide to help you estimate the sum insured, or
- Call us and we will take you through our building costs calculator and tell you what it suggests.