How much will it cost to rebuild your property? An accurate rebuild cost estimate by a professional Quantity Surveyor will ensure you have sufficient cover in place.
Changes to insurance policies in recent years mean property owners must have accurate reinstatement estimates to ensure sufficient insurance cover is in place to rebuild their assets in the event of a total loss. Some insurance companies provide online calculators to help estimate a total amount. However, many buildings do not fit within these rebuild cost parameters. Architecturally designed buildings, for example, often require particular attention by a quantity surveyor to provide an accurate reinstatement estimate.
Our in-depth rebuild cost estimate reports provide accurate information that can be used for obtaining insurance policies with a sum insured, in line with the market rebuild cost. Even for the most complex residential and commercial properties, our rebuild cost estimates will give you peace of mind that your costs will be adequately covered in the event of a loss.
How does a rebuild cost estimate differ from a valuation?
A rebuild cost estimate from Prendos will give you a realistic estimate of the total reinstatement costs of your property, not just the market value. This includes demolition, site clearance, rebuilding, replacement of driveways, retaining walls, fencing, decking, garages and pools, plus professional and local authority or other compliance fees. Our rebuild cost reports also include an estimate of inflation costs through the insurance period, to cover the potential cost escalation in demolition, redesign, consent processing, contractor procurement and construction.
The assessment requires a visit to the property to establish a rebuild cost by:
- Assessing ease or difficulty of site access
- Measuring relevant building elements
- Establishing the quality, size and complexity of the main building(s)
- Considering ancillary buildings, fences, driveways etc.
Additional evaluation is made of:
- Potential demolition costs
- Provision for escalation of construction and demolition costs
- Professional fees, compliance and consent costs associated with rebuilding
On completion of the site visit and additional evaluation, a Prendos registered quantity surveyor will provide a Reinstatement Estimate for Insurance Purposes in line with New Zealand Institute of Quantity Surveyors (NZIQS) guidelines. The property owner is then able to present this to the insurer in order to formalise the Sum Insured.
We've been providing our clients with accurate rebuild cost estimates for over 30 years. We are happy to explain the differences between engaging a quantity surveyor and a valuer, so please feel free to contact us.
