Should I accept a cash settlement or let my insurer rebuild?

It depends on your situation. With an insurer managed rebuild, the insurer appoints and manages the builder. With a cash settlement, you get the money and manage the rebuild yourself, including any cost overruns.

Before accepting a cash settlement, check it covers today's full rebuild cost, including demolition and any higher bushfire or flood building standards. Get independent advice, as a cash settlement is usually final. If you have a mortgage, your lender may require the money to be paid to them.

See the Insurance Council fact sheet in Resources.