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(02) 9629 3495
Are you renewing your home building insurance policy?
Unsure if your home is adequately insured? CPP Quantity Surveyors prepares independent Insurance Replacement Cost Estimates to help homeowners understand the likely cost of rebuilding their home following a total loss. Our reports are tailored to the specific property and can assist in determining an appropriate level of building insurance cover.
What is a Replacement Cost Estimate?
An Insurance Replacement Cost Estimate is an independent assessment of the likely cost to rebuild your home following a total loss event such as a fire, storm or other insured damage. Also commonly referred to as a House Insurance Valuation, Home Insurance Replacement Cost Assessment or Rebuild Cost Estimate, the report is designed to help homeowners determine an appropriate level of building insurance cover.
Many homeowners rely on online calculators or historical purchase prices when selecting their sum insured. However, these methods often fail to account for factors such as site conditions, demolition costs, professional fees, council approvals, escalation and the unique characteristics of the home. This can lead to underinsurance, where the policy is insufficient to fully rebuild the property, or overinsurance, where unnecessary premiums may be paid.
An independent Building Insurance Valuation prepared by a Quantity Surveyor considers the specific features of the property and current construction costs to provide a more reliable estimate of the likely replacement value. The report can assist homeowners in reviewing their insurance arrangements and making informed decisions about their level of cover.
CPP Quantity Surveyors prepares Insurance Replacement Cost Estimates for homeowners throughout Sydney.
When is an Insurance Replacement Cost Estimate required?
An Insurance Replacement Cost Estimate or house insurance valuation is typically obtained when arranging a new building insurance policy, reviewing existing insurance cover or following significant renovations or extensions to a home.
Many homeowners also commission a report if they are unsure whether their current sum insured accurately reflects the likely cost of rebuilding their property.
Regular reviews can help reduce the risk of underinsurance and provide greater confidence that the home is adequately covered in the event of a total loss.
Who requires this report?
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Homeowners
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Building Owners or their agents
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Insurance Brokers
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Insurance Companies
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Underwriters
What's included in an Insurance Replacement Cost Estimate?
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Estimated cost to rebuild the home following a total loss
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Demolition and site clearance costs
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Professional fees (architects, engineers and consultants)
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Council and statutory approval costs
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Allowance for current construction market conditions
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External works where applicable (driveways, paths, retaining walls, fencing and similar items)
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Assessment of the property's construction type, size and level of finish
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Recommended insurance replacement value (sum insured)
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Comprehensive written report prepared by a Certified Quantity Surveyor
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Site inspection by an experienced residential Quantity Surveyor (where applicable)
FAQ
1 / Is a Quantity Surveyor required to prepare an Insurance Replacement Cost Estimate?
No. A Quantity Surveyor is not legally required to prepare an Insurance Replacement Cost Estimate or rebuild cost estimate. However, many insurers, brokers and financial institutions prefer or request that the assessment be prepared by an independent Quantity Surveyor, as they specialise in construction costs and can provide an objective estimate of the likely cost to rebuild a home under current market conditions.
An independently prepared report may provide greater confidence than online calculators or insurer-generated estimates, particularly for larger homes, architect-designed residences, acreage properties or homes that have undergone significant renovations or extensions.
2 / How long does it take to prepare an Insurance Replacement Cost Estimate?
Generally, insurance replacement reports for simple projects can generally be prepared within a few weeks, depending on the quality of information provided and current workload and when an inspection can be scheduled. Larger houses with multiple elements may require additional time. We will confirm an indicative turnaround period as part of our fixed-fee quotation.
3 / I need an Insurance Valuation urgently. Can you help?
Absolutely! If you require a report urgently, please contact us on (02) 9629 3495 or contact@cppqs.com.au. We do offer expedited services for many project types.
4/ How much does an Insurance Replacement Report cost?
Our fee varies depending on the project type, size, site conditions, quality and overall scope of works. We provide fixed-fee, no obligation quotes, often within hours of receiving the request. Simply use the enquiry button at the top of this page.
5 / What information do you require to prepare an insurance replacement cost estimate?
Generally, we require architectural floor plans, elevations and sections for the home, or alternatively sufficient information regarding the insured property and scope of cover. If plans are not available, your local council may be able to assist with obtaining copies of approved drawings.
The plans are used to determine building sizes, construction types and quantities required to prepare an accurate rebuild cost assessment. We will also require some information relating to your current insurance policy, including the insurer and policy expiry date where available.
6/ Do you need to inspect the property?
In most cases, yes. A site inspection allows us to assess the quality, condition and composition of construction to help ensure an accurate Insurance Replacement Cost Estimate is prepared. It also provides an opportunity to identify any renovations, extensions or other improvements that may not be reflected on the available plans.
During the inspection, photographs of the property will be taken and a sample may be included within the report as a record of the assessment. We respect your privacy and will not include photographs of sensitive or personal areas. If there are any areas you would prefer not to be photographed, please let us know during the inspection.