How much will it cost me to rebuild my house?
Changes to insurance policy means it is imperative property owners obtain accurate reinstatement estimates to be sure they have sufficient insurance cover to re-build their asset in the event of a total loss. The Total Sum agreed between the property owner and insurance company will provide for:
- Removing the damaged building
- Reconstructing the building with an equivalent one
- All associated other costs, such as professional fees, compliance and building consent costs
Some insurance companies provide on-line calculators to assist customers estimate a total amount. However, many houses/buildings do not fit within the on-line calculators parameters, and specific calculation is required. For example, architecturally designed buildings often require particular attention by a quantity surveyor to provide an accurate reinstatement estimate.
For more than 25 years our registered quantity surveyors and valuers have provided clients with accurate and reliable Sums Insured. In Auckland, Bay of Plenty, Wellington and Christchurch assessments are typically carried out by our valuation team. In all other regions or by request, they are carried out by our quantity surveyors.
The assessment requires that a quantity surveyor visit the house 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/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 are always happy to explain the differences between engaging a quantity surveyor or valuer, contact us. Find out more about our valuation service known as Insurance Valuations. Or watch the following Campbell Live episode from 27 May 2013 detailing the changes.
Please fill in the form below for a no obligation quote on an insurance valuation for your property: