SUM INSURED ASSESSMENTS
In July 2013, following the Christchurch earthquakes, the New Zealand Insurance Industry changed. Total replacement is gone, where you pay your premium and if anything happens your insurance will replace your damaged property.
Now we have Sum Insured Insurance, that is, you are to advise your insurance company how much it will cost to rebuild your home, complete with fencing, decking, driveway etc.
Unless you’re involved in our industry in some way, and even if you are, you may struggle to know what it would cost to rebuild, that’s where we come in. We are the construction cost specialists for Taranaki. Our experience in the competitive tendering market for local builders gives us the knowledge to accurately assess your home rebuild cost based on local influences, not big city rates.
This is quite a complex subject and many people have many questions. We are always happy to discuss what we know so people can have a better understanding about what they’re paying for and what they are likely to receive in the event of a disaster.
Market valuations are not construction costs values. Many people hold the misconception that the market value is construction cost, it’s not – and there can be considerable differences. For example, if you were to build a 3 bedroom home on a beach front section vs the same home in the heart of suburbia, it may cost the same to build, but as a market sale, the beachfront property will have a greater value.
Working from home with minimal overheads we try to provide our services at an affordable rate for everyone in our community. It is really important, 85% of NZ have relied on the default rates, that’s an awful lot of exposed assets. We cannot urge you enough to address your homes true construction cost and insure it accordingly.
Residential Dwellings
We provide an assessment of your home so that you can have an informed conversation with your insurer when it comes time to renewing your house policy and be confident that your asset is adequately insured.
We undertake a “short form” estimate, which will identify the cost of the home, including demolition, compliance and design fees. We itemize and value individual exterior features, provide a comparison using on-line calculators and a description of the nature of the construction to avoid any misunderstandings.
We also offer a full elemental estimate service for architecturally designed or larger homes. This service provides a thorough breakdown and rebuild of the 27 elements which make up a construction project.
The Process is Simple:
- Give us a call, send us an email or use the contact form on this site to arrange an assessment. We can schedule a time to visit that suits your schedule, weekends and evenings, no problem, it is preferred if the building owner is home as we may need to ask some simple questions.
- We will visit you at the property and assess the access and unique site conditions, physically measure the house, allow for landscaping such as retaining walls, decking, garages, outbuildings and other special features, and compile a financial report.
- Our experienced and qualified Quantity Surveyor will determine the value of rebuilding your property and issue a complete valuation report including a itemized values and a description of the construction, cladding and interior features.
Commercial Buildings
Yes, we assess commercial buildings for insurance also. Anything involving construction costs, call us first. We do not offer our “short-form” service for commercial properties due to the uniqueness of each property.
For commercial buildings, we obtain the construction documentation, either from the owner or the local council and provide a full elemental estimate. Quantity Surveyors are the only people properly trained to provide this.
An elemental estimate is based on 27 elements, starting with site clearance, foundations, floors, exterior walls, windows and doors, claddings… all the way to building consent and professional fees to build a complete picture of the total replacement construction cost.
