Prendos offers property valuations for insurance purposes in Auckland and Waikato, ensuring you are covered for what your home or commercial property would actually cost to rebuild.
Changes to insurance policies mean it is imperative you as the property owner obtain an accurate reinstatement valuation. This will ensure you have sufficient insurance cover to rebuild your asset in the event of a total loss.
The total sum insured is not the same as the market value of your property, and can often be substantially different, which could leave you out of pocket if you're not sufficiently covered for all rebuild costs. The total sum agreed between the owner and the insurance company will provide for:
- Rebuilding the main property with an equivalent new property
- Replacing or rebuilding other site improvements such as driveways, fencing, patios, decks, garaging, pools etc.
- Other associated costs such as professional fees, compliance costs, building consents and any possible demolition, debris removal and site clearance.
An insurance valuation will give you a realistic estimate of reinstatement costs
Prendos insurance certificates provide you with a realistic estimate of the total reinstatement costs of rebuilding a new asset and replacing or reinstating other property improvements. We also provide an estimate of inflation through the insurance period, as well as an estimate of demolition and site clearance costs, and an indemnity value, which is typically defined as the depreciated market value of the asset.
To ensure rates used for cost calculations are accurate and up-to-date, our valuers draw on current market data, as well as our extensive in-house valuation database, and other Prendos professionals such as quantity surveyors. To accurately determine full replacement values, a valuation team member needs to inspect, measure and fully review individual properties.
Because rebuild costs depend on many factors, cost estimates are best provided by a registered valuer or quantity surveyor. In Auckland and Waikato insurance valuations are usually carried out by the Prendos valuation team. In all other regions, or by special request, they are carried out by Prendos quantity and building surveyors.
- Package quotes are available when undertaking a full valuation and insurance valuation
- Our standard Terms and Conditions apply
We are always happy to explain the differences between engaging a valuer or quantity surveyor - if you have any questions please contact us. Find out more about our quantity surveying service known as Reinstatement Estimates for Insurance. Or read the article: Replacement vs Set Sum – Changes to insurance policies.
