Changes to insurance policy mean it is imperative property owners obtain accurate reinstatement valuations 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:
- Re-building the main property with an equivalent new property
- Replacing/re-building other site improvements such as drives, fencing, patios, decks, garaging, pools etc.
- Other costs such as professional fees, compliance costs, building consents and any possible demolition, debris removal and site clearance
Prendos insurance certificates provide clients with a realistic estimate of the total reinstatement costs of re-building a new asset and replacing or reinstating other property improvements. We also provide an estimate of inflation costs through the insurance period as well as an estimate of demolition / site clearance costs and an indemnity value, which is typically defined as the depreciated market value of the asset.
To ensure rates used for cost calculations are accurate and up-to-date our valuation team draws on general market data as well as information provided by an in-house valuation database and other Prendos professionals such as quantity surveyors. To accurately determine full replacement values a valuation team member needs to inspect, measure and fully review individual properties.
Because re-build costs vary from home to home, cost estimates are best provided by a registered valuer or quantity surveyor. In the Auckland, Bay of Plenty, Wellington and Christchurch regions insurance valuations are usually carried out by the Prendos valuation team. In all other regions, or by special request, they are carried out by Prendos quantity and building surveyors.
- Package quotes are available when undertaking a full valuation and insurance valuation
- Our standard Terms and Conditions apply
We are always happy to explain the differences between engaging a valuer or quantity surveyor, contact us. Find out more about our quantity surveying service known as Reinstatement Estimates for Insurance. Or read the following article Replacement vs Set Sum – Changes to insurance policies.
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