Residential "sum insured" Calculation for Your House insurance
The recent changes to most if not all House insurance providers affecting your house insurance is that it is now up to the house owner to provide or be satisfied with a cost for house insurance renewal to allow a rebuild in the event of a disaster
For over 20 years your house has been insured by a simple process based on the accepted size (in square metres) of your house. Subsequent to the Canterbury earthquake, New Zealand assumed a new risk status for the world re-insurers and NZ insurers are now required to have a more accurate sum insured agreed for your policy. This sum should allow you to have your home and anciliary items on your property rebuilt on the same site in currently available building materials to the current building code requirements. Once you have that sum you make your own risk assessments about your policy with your insurer.
Qualified and experienced Quantity Surveyors are the construction cost specialists, most of whom are involved in commercial work. NZIQS is the national institute representing the profession of quantity surveying and ‘qualified’ members are identifiable as MNZIQS, ANZIQS, FNZIQS. For ‘’best practice’’ many of these members are also CPD-accredited and are additionally identified as ‘Registered Quantity Surveyor’ (RegQS).
Recently to support the new residential insurance requirements, NZIQS has established a ’Best Practice’ approach for house owners who require detailed and accurate ‘’rebuilding cost’’ for their home. With input from the Insurance Council NZIQS has produced a Form ‘Reinstatement Estimate for Insurance Purposes’ for houses and RegQS members willing to be contacted for conducting assessments of residences can be found in this List and contact details. If you need accurate and detailed costings contact these RegQS members.