Ohyeah, it's not like you don't have to use the bastards.Originally Posted by Akzle
Ummm...
Bogeyman
Ohyeah, it's not like you don't have to use the bastards.
Ummm...
Go soothingly on the grease mud, as there lurks the skid demon
Night rider
Fortunately our house insurance came up for renewal just before this change, so for the rest of this year at least, we still have replacement value. However I tried three different online calculators for our house and came up with three different values between $670K and $707K. This is an interesting result because I know what it cost to build, and this is far too high.
All three calculators asked the length and width of the driveway, so I put in 55 m long by 3 m wide. So how does that add $20K to the value? It cost me $800 for 4 truckloads of crushed Schist and 4 hours work on the tractor to spread and smooth it. ($674K with and $654K without the driveway).
Time to ride
Wearing Hi-Viz Black.
Jantar, how long ago did you build?
If it a few years back, then council fees will have gone up and also the new building code has affected build price. There are also more build costs in the forseeable future as well...
TOP QUOTE: “The problem with socialism is that sooner or later you run out of other people’s money.”
Don't forget to bring a towel
lmfao!!!!!!!!!
Bogeyman
Man, you're not kidding. I watched my brother's garage being built a couple of months ago, the quantity of timber in the frame was fucking rediculous. You would've been fine leaving the cladding off because there were fuck all gaps to worry about. To compare it with what admittedly probably represents the other end of the spectrum, a skyline garage of a couple of decades ago I reckon there was 4 times the material and three times the labour.
And let's face it: there have been fuck all failures of garages built under the old code, so who's driving this particular piece of bullshit? And why?
Go soothingly on the grease mud, as there lurks the skid demon
Wearing Hi-Viz Black.
I have plans submitted to council at the moment. Fully drawn up and then a separate engineer has gone over them to do his calculations and sign off.
Why I'm paying substantially over two grand, simply for some council knobend to sign-off and file away, is well beyond my comprehension.
TOP QUOTE: “The problem with socialism is that sooner or later you run out of other people’s money.”
Bogeyman
It was a retorical question. I know exactly why structural code and compliance costs have skyrocketed. Some leaky homes provoked owners to suggest that if we're paying councils to approve plans and inspect buildings then shirly they should be responsible for design deficiencies and build compliance. Faced with admitting that generations of kiwis had been paying them for sweet fuck all they decided that if they were going to be held accountable for their fuckups then we should pay for that possibility.
If there was an option to opt out of that wee piece of bullshit, pay for our own engineering consultant and his associated PL and PI insurance I'd say it'd be a damned sight cheaper. Oh, wait, we have to do that too?
In any other industry an effective commerce commission would have seen that sort of bullshit as the protection racket is is and arseholed the bastards.
If we had an effective commerce commission.
Christ help me if I've ever got to build again. The only consolation would be finding new and interestingly painfull ways to take the bastards down with me.
Go soothingly on the grease mud, as there lurks the skid demon
Embracing mediocrity
I have to change from replacement to insured value on our place, so did the online calculator and it came up with $878k to rebuild it.
There was no way I could tell it there is a 6 car internal access garage, there was no correct option for the construction of the house, and a bunch of other minor things.
Guess I just take a stab in the dark, but in any case I suspect that in excess of $3k a sq metre is a bit excessive.
And don't forget, if you overinsure and your house gets rebuilt they will pay the actual cost, but you won't get the difference or any refund on the excessive premiums you've been paying.
Riding cheap crappy old bikes badly since 1987
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Comfortably numb
We renewed our house insurance (with AMI) in mid May just after the change to Insured Value. Enlisted the services of a registered valuer (~$500) and now have an insured value that will hold up in the case of a big claim. Just under $500K for our rurally located house including roofwater storage tanks, septic tanks, PV set-up and potential demolition costs. Market value for our 1.5 acre property is probably not much more than that but having recently had a reroof and partial reclad done it's not hard to see where the replacement cost comes from
We figure that a re-valuation every 4 or 5 years will be sufficient to keep the total value accurate between times so consider that ~$100/year to be cheap peace of mind.
Both us and the valuer compared the valuation to the online calculator and got significant differences. It is only a very rough tool and with no facility to include many items (e.g. septic tank, architectural features, existing asbestos content), its results wouldn't be worth a pinch of shit if a big claim was contested.
.....and compared to North American house insurance where public liability is essential (due to lack of ACC?) our insurance costs are very cheap, for now!
Come warm yourself by the fire
So they were offering $500K and you took $300K?
or did I miss something.
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Night rider
12 years ago. But I still can't see $128K going up to over $670K
Time to ride
Low personal B.M.E.P.
Talk to people in Canterbury...builders quotes at present are valid for around 10 days i'm told...Then they get revised upward.
We've got a rural "historic house" and at one time we thought it was a write off. We found a place based up North which does copy historics at quite reasonable cost. When we have to change to replacement cost insurance we'll simply insure enough to cover one of their standard builds. Plus of course enough to upgrade septic tank to current specs.
Anarchic Wild Child
Yeup. Just got the new insurance bill. The company is saying $403,000 to rebuild ... shit the GV is on $300,000 all up ...
"So if you meet me, have some sympathy, have some courtesy, have some taste ..."
Curmudgeon
The GV has nothing to do with the cost of rebuilding.
Curmudgeon
The calculator is a guide.
Insurers are between a rock and a hard place with nominated sums insured.
They can't possibly know what the rebuild costs are for every house, in every area of the country, so they give you access to a guide.
Of course the estimates are on the highside, as it's much easier to argue sums insured when renewing the cover, but not so good just after a claim.
Typically of NZers, this process results in an automatic assumption that someone is trying to rip them off (see OP).
The fact is that you are not required to use the calculator, and can insure your house for whatever you like (bearing in mind that, on a "replacement value policy", the sum insured must represent something approximating the rebuild cost).
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