Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

1290 posts

Uber Geek


# 254380 9-Aug-2019 17:22
Send private message

I'm just renewing the insurance on a 100m2, 2 bed, single level brick house and the question of rebuilding costs came up.


The insurer ran their own online calculations and came with $262k. I tried three different online calculators with NZ insurers which all came in between $350k and $380k.


Anyone have any insurance101 pointers so we can work out a suitable number ?

Create new topic
8909 posts

Uber Geek

Lifetime subscriber

  # 2293118 9-Aug-2019 17:40
Send private message

ask a GJ Gardner or Signature homes for how much one of their places costs that matches what you currently have.


you might be surprised.

1290 posts

Uber Geek


  # 2293121 9-Aug-2019 17:45
Send private message

Gardners are building around us at the moment. Dozens of new builds in the last 12 months with dozens more scheduled.


My understanding is a 3bed comes in at around $350k, whilst they are on the market for significantly more than that.


884 posts

Ultimate Geek

  # 2293122 9-Aug-2019 17:46
One person supports this post
Send private message

remember you have to pay for demo, foundations etc so you will need to allow 10 - 50k demo as you might have asbestos, also if a major disaster happens prices will go through the roof for a tradie.


Foundations will have to be bought up to modern code & standards, this is why EQC tried to repair houses rather than demo & rebuild ( which they should have done ) Allow another 50k - 100k


Depending on the disaster what is covered, if you have a retaining wall you will need to factor that in.


I came out at $5000 / square, the insurance company had $2000 - 2500 / square meter.


Most insurance companies are advertising that they will rebuild your house no matter what the cost in case of fire, however in a natural disaster they will only pay to the amount you are insured for. 


I think you are better to over insure to a degree but you are worse off if you are underinsured or have none.





I know enough to be dangerous

884 posts

Ultimate Geek

  # 2293123 9-Aug-2019 17:48
Send private message



Gardners are building around us at the moment. Dozens of new builds in the last 12 months with dozens more scheduled.


My understanding is a 3bed comes in at around $350k, whilst they are on the market for significantly more than that.



In my area you are looking at $600k for a new build, have to admit that is five bedroom, two story looks nice but nothing flash. ( next door just went through that exercise a few months ago, looking at a demo and rebuild )

I know enough to be dangerous

3052 posts

Uber Geek


  # 2293128 9-Aug-2019 18:04
Send private message

When we took out our house insurance with Aon/Vero our broker asked us to work out a sum insured using the Cordell Calculator:


Your variance in cover maybe due to the GST inclusive/exclusive figure, Aon wanted the GST exclusive one whereas AA Insurance wanted the inclusive one.

15334 posts

Uber Geek


  # 2293187 9-Aug-2019 19:52
Send private message

I got a registered valuer in to do ours. On a slightly sloped section with easy access demolition was priced at $30K for a 140 or so square meter house on a 1303 square meter section, in Wellington suburbs. You have to demolish, haul away, prepare the section for building.


All in all the rebuild cost was about $50K more than the valuation of the house at the time.


A new build in Wellington for a 3 bed, two bathroom is around $500K. We were going to do that, but the land price is about $400K - 500K in Wellington for anywhere near town, plus up to $100K for site works given most sites are on the side of a hill and need significant land works. I don't know how people can afford this, maybe it's 30 year or longer mortgages.

1855 posts

Uber Geek


  # 2293192 9-Aug-2019 20:02
Send private message

As others have said, its important to include 'demolition', remedial work on the land, council permits/fees (including dissconnecting/reconnecting all services at the boundary).


Dont forget landscaping, fence, letterbox and driveway.


Some banks give a free one time only 'valuation (by registered valuer), if you have a mortgage with them.


1290 posts

Uber Geek


  # 2293431 10-Aug-2019 10:30
Send private message

Sum Sure was what the person on the phone said they were using. I've done it on the sumsure website with identical information and get a very different result. When I questioned them about the figures they assured me their lower number included demolition and foundations, etc.


I think I'll go with the larger amount. It's a basic 2 bed, single level, semi-detached flat on even ground with no known fault lines through Otaki. I think that will be enough.

26 posts


  # 2293557 10-Aug-2019 14:34
Send private message

We have just been through the this exercise.... it's a nightmare. Insure for too much and the insurance co. wins, too little and the insurance co. doesn't lose but you cannot fully replace what you had.
The on-line calculators seem to come in very high, can't imagine why they should. We had the benefit of a nephew in the building trade to advise us and settled for a cost of $3000/sqm, quite a big house so the unit price is probably a bit less than a smaller one. This is probably a bit high but the extra buys a bit of peace of mind .
The big unknown is that with a new house being built to modern standards and regulations, foundations, structural work and retaining wall calculations will have to be re done, it'll cost you more with little or no benefit to you.
It'll stay like this as long as the insurance cos are allowed to write the contracts and conditions and decide if the customer has met all of them.
Best of luck. Geoff.

Create new topic

Twitter and LinkedIn »

Follow us to receive Twitter updates when new discussions are posted in our forums:

Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:

Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:

News »

Microsoft launches first Experience Center worldwide for Asia Pacific in Singapore
Posted 13-Nov-2019 13:08

Disney+ comes to LG Smart TVs
Posted 13-Nov-2019 12:55

Spark launches new wireless broadband "Unplan Metro"
Posted 11-Nov-2019 08:19

Malwarebytes overhauls flagship product with new UI, faster engine and lighter footprint
Posted 6-Nov-2019 11:48

CarbonClick launches into Digital Marketplaces
Posted 6-Nov-2019 11:42

Kordia offers Microsoft Azure Peering Service
Posted 6-Nov-2019 11:41

Spark 5G live on Auckland Harbour for Emirates Team New Zealand
Posted 4-Nov-2019 17:30

BNZ and Vodafone partner to boost NZ Tech for SME
Posted 31-Oct-2019 17:14

Nokia 7.2 available in New Zealand
Posted 31-Oct-2019 16:24

2talk launches Microsoft Teams Direct Routing product
Posted 29-Oct-2019 10:35

New Breast Cancer Foundation app puts power in Kiwi women's hands
Posted 25-Oct-2019 16:13

OPPO Reno2 Series lands, alongside hybrid noise-cancelling Wireless Headphones
Posted 24-Oct-2019 15:32

Waikato Data Scientists awarded $13 million from the Government
Posted 24-Oct-2019 15:27

D-Link launches Wave 2 Unified Access Points
Posted 24-Oct-2019 15:07

LG Electronics begins distributing the G8X THINQ
Posted 24-Oct-2019 10:58

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.