Insurance Valuation Reports:
It is important to discuss any special specifics of your house when contacting us for a quote.
Majority of Canterbury properties fit our standard fee criteria – but it’s best to discuss any variations before we arrive onsite to find a diesel generator or tennis court in the back yard!
The easiest way to request a quote is to complete our online enquiry form – we will then call you to talk through your specifics…
What we do not value:
- retaining walls: these structures are now starting to be covered in separate policies by insurers, as they can require such a complex combination of costings from engineering, geotechnical and surveying work. As a result, if retaining walls are a predominant feature of your property, we strongly recommend you instruct a specialist in this area.
- lifestyle blocks: we are residential specialists, and although we cover Christchurch City, Selwyn and the Waimak, we leave lifestyle properties to the rural valuers.
2. Our rebuild cost valuation report process:
- You choose to instruct us, and we will arrange a time for an onsite inspection of your property.
- Our senior valuer will personally inspect and measure up your property.
- The valuer then undertakes the necessary analysis at his desk to reach your reinstatement estimate calculations.
- A customised report is then prepared.
- You will receive an email or posted copy of your Reinstatement Cost Estimate Report.
From the time you instruct us, we will have a report back to you in 7 – 10 working days.
A senior registered valuer personally undertakes ALL our inspections – we don’t send out graduates or data collection “assessors”…
Our ‘Reinstatement Cost Estimate Report’ meets all the requirements of the NZ Property Institute’s Standards Board Guidance for Residential Insurance Valuations, which should be read in conjunction with ANZVGN 13, Insurance Valuations.
The report is based on a full onsite internal and external inspection, and covers:
- Description of the property, including photos
- Floor area of all buildings
- A total ‘Reinstatement Cost Estimate’ amount for the property
- A separate ‘demolition’ estimate
- Outline of what has been both included in and excluded from the value
- The estimate will include GST
- It also includes an ‘Indemnity Value Estimate’ and a ‘Inflationary Provision’
POINTS OF NOTE:
- We do not include retaining walls: see ‘Report Process‘.
- Reinstatement does not include for the reproduction of original historical, heritage or special character features of a property.
The professional advice held within our report is only part way to working out your nominated ‘sum insured’ amount… the other part of the equation is understanding your insurance policy details.
You need to ask your insurer what you are covered for and what you are not covered for? For example, will you be covered for professional planning and design fees? Is the cost of alternative rental accommodation included? What about the cost of carpet and drapes? If you are on TC3 land, does your policy allow for more complex foundations?
Once you have a detailed list of what’s covered in your policy, you can then cross-reference with our report inclusions and exclusions.
Our Reinstatement Value is the estimated cost of rebuilding your home.
Your SUM INSURED Value is the rebuild value you nominate as the capped amount on your home insurance policy.
You may decide that you are comfortable with a policy covering less than our estimate – if you are mortgage free, and happy to rebuild a smaller home if the worst case scenario were to happen.
At Sum Insured Valuations, we can not decide on what your ‘sum insured value’ is going to be. The amount you wish to set your policy is entirely up to you!
But we can provide you with a robust ‘reinstatement estimate’ you can use as a professional guide.