The most accurate way to determine the replacement / reinstatement cost of your home is to hire a building contractor or other building professional to produce a detailed estimate. Only the cost of the property’s structure and its associated systems, fixtures, and finishes will be included in the estimate. Land value is not included in the amount of insurance you buy.
Value of House Structure-
The value of your house structure should be insured for its replacement or reinstatement cost. Replacement / reinstatement cost is the cost necessary to repair or replace damaged items or structures in a manner similar to the construction of your house prior to the damage. When you insure your house structure for its replacement value, in the event of an unfortunate event, Future Generali will reimburse you for the cost of rebuilding or repairing your house, based on the size and structure of your house.
Value of Home Contents-
The best way to work out the value of your contents is to systematically go through every room and make an inventory. Don't leave anything out, whether it's a sofa set or a pair of curtains - they'd all need to be replaced if, say, there was a fire in your house.
You then need to work out how much it would cost to replace every single item on the list with a new one. The internet can help, or you might be able to find receipts and adjust for inflation. When you have a total, you should insure your contents for that amount. Don't simply guess the value of your contents: research shows that one in five households does not have enough insurance.
Just like the house structure, the contents should also be insured for replacement costs.