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House Rebuild Calculator
Calculating your sum insured
To insure your home in New Zealand you need to specify a sum insured. This is typically the maximum an insurance company will pay out on your house following a loss.To estimate the rebuild cost of your home, you can use a house insurance calculator. The Cordell Sum Sure Calculator is a free online tool that estimates the cost of rebuilding your home. Cordell is a leading provider of building replacement cost calculators in New Zealand and has extensive experience in overseas markets. You can access it using the button below.
Benefits of using the Cordell Calculator
Free to use
The Cordell Calculator is available at no cost, allowing property owners to accurately estimate their rebuild costs without having to pay for a valuation service.
Pay the right premium
By providing a precise rebuild cost, the Cordell Calculator helps ensure that property owners pay a premium that accurately reflects their property's value, neither too much nor too little.
Avoid underinsurance
Accurate rebuild estimates from the Cordell Calculator prevent underinsurance, ensuring property owners have sufficient coverage to rebuild their property entirely in case of a total loss.
Limitations of the Cordell Calculator
The Cordell calculator is not a substitute for professional advice. It provides an estimate only, and you can choose to rely on it or not. Additionally, the calculator may not take into account special features that could alter the cost of rebuilding, such as high-end luxury fittings or building consents for high-end properties. The most accurate way to obtain the sum insured is to obtain an insurance valuation from a registered valuer.
How does the Cordell Calculator Work?
The Cordell Calculator works by estimating the cost to rebuild a property, which is essential for setting the right insurance coverage. Here’s how it operates:
- Gathering Property Details: First, detailed information about the property is collected. This includes the property’s size, location, construction materials, and any unique features or structures. For example, details like the number of rooms, type of roofing material, and presence of special installations (like solar panels or custom-built features) are considered.
- Analyzing Construction Costs: The calculator then uses current market data on construction costs, which vary by location. It factors in the cost of materials, labor, and other construction expenses in the specific region where the property is located. This ensures the estimate reflects the actual cost of rebuilding in that area.
- Adjusting for Inflation and Market Changes: The calculator also adjusts the estimated rebuild cost to account for inflation and changes in the market. This means the estimated cost is up-to-date and reflects what the rebuild would realistically cost at the time of calculation.
- Calculating Rebuild Costs: With the property details and construction costs data, the Cordell Calculator computes the total rebuild cost. This includes the expenses for clearing the site (if needed), constructing the building to its previous standard, and any additional costs like professional fees, compliance with current building codes, and other overheads.
