Rebuild estimate for insurance

How much will it cost me to rebuild my house?

Changes to insurance policies mean it’s imperative property owners obtain accurate reinstatement estimates. This will ensure you have sufficient insurance cover to rebuild your 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 costs such as professional fees, compliance and building consent costs

Some insurance companies provide online calculators to help customers estimate a total amount. However, many houses and buildings do not fit within the online calculators’ parameters. Architecturally designed buildings, for example, often require particular attention by a quantity surveyor to provide an accurate reinstatement estimate.

Our quantity surveyors and valuers have been providing our clients with accurate reinstatement valuations for over 25 years. An insurance valuation from Prendos will give you a realistic estimate of the total reinstatement costs, including demolition, site clearance, rebuilding, replacement of driveways, retaining walls, fencing, decking, garages and pools, plus professional and compliance fees, as well as an estimate of inflation costs through the insurance period.

In Auckland, Waikato and the Bay of Plenty assessments are typically carried out by our valuation team. All our valuers are qualified and belong to the Property Institute of New Zealand. Where necessary for complex or high value properties, or in other regions, valuations are carried out by our quantity surveyors.

The assessment requires a visit to 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 and a valuer, so please feel free to contact us.

Quantity Surveyors in action

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