A Rebuild Valuation from a professional QS practice is the only way to ensure an accurate sum insured figure for your home insurance policy.
A member of our professional Quantity Surveying team will carry out your site inspection, which involves a full measure and itemisation of the construction of the property. The final report is then issued directly to you within five working days of the inspection.
This 3min video shows you the real cost of being under-insured.
Over 85% of homes are massively under-insured
Most are underinsured by 25-50%
Free calculators have been known to be up to 40% wrong
Key information to ensure your property is protected:
Due to changes imposed on New Zealand insurers by overseas – reinsurers, insurance has changed from an unlimited liability to a maximum sum insured. Home/building owners must supply this information to their insurer upon renewal of their policy.
For some time, many homes in New Zealand have been insured for an unspecified replacement cost. From 01 July 2013, homeowners will be asked to state the dollar amount they want to insure their home for, in much the same way as they insure their contents, up to a maximum amount.
The change to insuring a home up to a maximum specified amount will affect most homeowners and will apply to all types of homes – townhouses, terraced houses or free-standing. If you own an apartment in a body corporate situation, your home may well already be insured up to a maximum specified amount. You will need to submit an Insurance Rebuild Valuation Certificate to your insurer every two years.
1) Estimate the sum yourself or accept the figure that your insurer will estimate using a basic calculation with the information they currently hold. This exposes the homeowner to being grossly over or under insured as there are a significant number of factors to be considered when estimating rebuild costs.
2) Use a free online calculator. These calculators use historical data and information input by the homeowner to provide a m² estimate with no guarantee or warranty should the generic information be incorrect.
3) Obtain a professional quantity surveyor estimate. Using the services of a professional quantity surveyor from a recognised body reduces the risk of getting it wrong. Reputable quantity surveying practices have professional indemnity insurance cover and are backed by leading insurance providers to give you peace of mind.
The likely cost of rebuilding your home can be affected by many factors, such as age, size, location, quality, slope, retaining walls, drainage, demolition and alterations. Using industry standard m² rates may give an inaccurate figure or fail to reflect the unique features of your home, potentially leaving you under-insured in the event of a loss.Why should I not use m² rates?
If you have done major renovations to your home, if your property is on a sloping section or at the end of a narrow ROW, if you have a swimming pool or other special features, these items must be taken into account as the cost to deal with their rebuild can be significant.
Free online calculators do not estimate the cost of rebuilding any special features your home or property may have. They can only provide an indicative rebuilding cost based on the answers given to the questions asked. So, if the calculator does not ask a particular question about your home, it will not be included in the figure it calculates.
Swimming pools, spa pools and other recreational features, Decks, verandas, patios, Driveways and paths, Sheds, garages and fences, Landscaping, pergolas and garden features, Retaining walls, Anything non-standard which may affect the value of your home.
Inaccurate estimates place homeowners at risk of being grossly over or under-insured. Should you be over-insured, you stand to pay too much in premiums than is necessary. Should you be under-insured, you may not be able to rebuild your home to the same standard in the event of a total loss.
As a homeowner, it is imperative to estimate with the highest level of accuracy what it could cost to rebuild your home, and then insuring it for that amount, providing you with a more clearly defined value and peace of mind.
An estimated cost of rebuilding should take into account the likely cost of replacing your home on its current site based on its present size, standard and type of construction, together with any other specifications and special features.
It should also include the demolition and removal of debris, site preparation, professional fees and compliance costs – in other words, everything that would need to happen if you were to rebuild your home. Inflation should also be considered as the price for many of these things can change during the year. Professional quantity surveyors can estimate the cost of all these elements with the highest level of precision.
Depending on your insurer, the change to sum insured won’t necessarily affect the premium you pay for your cover. The home insurance premium increases currently taking effect reflect several factors including the escalating cost of reinsurance (to NZ insurers) as well as rising construction costs. We suggest engaging an insurance broker to find and obtain the right policy for your circumstances.
The quantity surveyor is responsible for working out all costs involved in a construction project. They will ensure all construction and production costs are managed effectively throughout the process. All this information will be compiled into a document known as a schedule of quantities.
The primary roles of a quantity surveyor are:
Managing the finances for any construction project whether commercial, residential or industrial
Working to ensure time frames are adhered to
Working to ensure budget restraints are met
Make sure construction costs and production are managed efficiently
Resolve any potential disputes between involved parties
Prepare insurance replacement estimates for all types of buildings
Before a project commences, the quantity surveyor calculates the budget based on the client’s requirements. They will produce detailed estimates to ensure the budget is sufficient for each stage of construction. The quantity surveyor will study architect or engineers plans to identify all costs elements of a project to collate the final build budget.
Once the building starts, regular cash flow updates will be provided by the quantity surveyor to the client so finances can be arranged for each stage of the project. They are also able to negotiate with contractors regarding any ‘variations’ which may be involved or to assist with any disputes. In addition to this, a quantity surveyor can provide a report for the bank, enabling the client to draw down on funds loaned from the bank.The final stage for a quantity surveyors involvement is the creation of a final account, recording the actual costs which were accrued at each stage of the job.
The final stage for a quantity surveyors involvement is the creation of a final account, recording the actual costs which were accrued at each stage of the job.
From $549.00 incl. GST
For a single residential dwelling. Extra fees may apply to separate, self-contained minor dwellings, or agricultural outbuildings.
Fill in the form below to request a Residential Rebuild Valuation for Insurance Purposes. We will contact you with a quote within two working days.