Property Matters – 12 May 2017

‘Sum Insured’ cover for householders poses risk

A New Zealand Government Treasury research article has discovered an estimated 85% of homes could be under-insured by an average of 28%. Applying those figures across the whole country produced an estimate of under-insurance across New Zealand of up to $184 billion.  

It is recommended customers check with their insurers and banks what cover they provide and what tools or offers are available to improve the accuracy of their insured value.  Read the full story by The Treasury here.

How Duke & Cooke can help

An insurance valuation by a registered independent valuer includes the reinstatement cost to replace the dwelling, other buildings, and other improvements with ‘modern equivalent’ materials, inclusive of all fixtures and fittings, as well as any improvements required to be replaced.  The valuation report will also provide your insurers with the required figures and calculations for determining your property’s insurable value.

These include:

  • Reinstatement Estimate – this is the cost to rebuild a Building Act compliant structure, in current equivalent materials, which includes allowances for design and consent fees.
  • Indemnity Value – this is the depreciated value of the insured assets taking into account their age and condition.
  • Demolition – this is the cost of site clearance in the event of a loss.
  • Inflation – this is the anticipated amount by which the insured reinstatement and indemnity amounts may increase during the period of insurance and any additional time required to rebuild.
  • Sum Insured – this is the sum of the reinstatement, inflation and demolition estimates, and your premium will be assessed against this amount.

In addition to the values, a Duke & Cooke residential insurance valuation report will also include the following:

  • Description of improvements
  • What has been included in your assessment
  • What has been excluded from your assessment
  • Relevant and adequate photographs of the insured property and special features
  • Floor areas of all buildings

See our Residential section for more details, or contact a Registered Valuer here.

Duke & Cooke welcomes a new shareholder and director

It is with great pleasure we advise Simon Charles has now become a shareholder in Duke & Cooke.  Simon joins Murray Lauchlan, Dick Bennison and Barry Rowe as a director of the company.

Simon has been with Duke & Cooke since October 2011, and since that time has become proficient in the valuation of commercial property throughout the region. He has a very loyal following of clients and represents the future face of Duke & Cooke, along with the existing shareholders/directors.

When asked about his future vision for Duke & Cooke, Simon had this to say:

“I am delighted to have become a shareholder and director of Duke & Cooke, and recognise the long history of the company and its reputation in the local community for being a highly-respected provider of valuation services. It will be my intention to build on this reputation and continue to provide valuation services to our clients at the highest possible standard.”

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