Residential Insurance Valuation

Most insurance companies have recently moved to ‘sum insured’ replacement cover on your home.

This means you are now required to specify the amount of insurance cover you need. It’s vital that you get this right! Few owners have the tools or knowledge to undertake this task adequately themselves.

Why Use A Registered Valuer?

A registered valuer is a trusted, independent property professional who can provide an impartial professional report on the costs to replace the improvements on your property in the event of an earthquake, fire or other disaster.

An Added Valuation insurance report, includes the cost to replace your home with ‘modern equivalent’ materials, inclusive of fixtures and fittings, as well as any improvements you would replace (fences, paths, driveways, pools, septic/water tanks, retaining walls, etc). Our assessments allow for demolition costs, professional fees (architects, engineers, council, etc) and inflation. We also provide you with an indemnity value (the cost to replace less inflation) and can, upon request, provide a functional replacement value.

Can I just use an online calculator?

Most insurance companies are providing their clients with access to free online calculators to help their clients estimate the cover they need, although still recommend that the client should seek professional advice. These calculators use general property and building data which may be relevant to your home. But are these calculators accurate? Many of our clients use these calculators prior to having us undertake an insurance valuation for them. Our experience is that our client’s calculations often differ significantly from our assessment.

Why these calculators are potentially unsafe?

• Overly simplistic – They are simplistic so don’t adequately cover anything but the most standard of building scenarios. E.g. the calculators we have seen treat all garages equally.
• Sensitive – The calculators are highly sensitive to subjective criteria, e.g. ‘To what standard is your home designed and built?’ With choices of just: ordinary, quality or prestige.
• User error – The calculator is only as good as the data that is entered, and can be highly sensitive to the information entered. E.g. incorrectly describing your Summitstone house as stone rather than brick would significantly affect the output.
• Inaccurate sizes – Not accurately knowing (or inaccurately calculating) the buildings floor areas
• Missing items – Either though the calculator not allowing for assets or you not thinking of assets. Many people miss items potentially of significant cost. E.g. power transmission lines, septic tanks, paving, decking, retaining walls, etc

Why Added Valuation?

At Added Valuation we believe in doing things right. That means we won’t cut corners to get the job done. We take the time and have invested in the technology necessary to ensure you get the information you need to accurately insure your home.

We use digital laser measures, Bluetooth communications and iPad drawing tools to ensure we accurately measure your property. And we don’t just measure your dwelling, we will measure your decks, patios, garages, and any other buildings or assets that have a material impact on your insurance requirements.

We record detailed notes and take a good photographic record of your property to ensure we have the information to accurately assess the cost to replace your assets. Collecting the necessary information, even with the technological advantage we have, typically takes about 1 – 1½ hours on site.

We have consulted with our clients and the insurance industry to develop thorough reports which provide all the information needed to satisfy your insurance requirements.

Added Valuation provides insurance valuation right across Hawkes Bay from Dannevirke to Mahia, so please don’t hesitate, book your valuation today.