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Estimated Building Replacement Cost Calculator.
  ESTIMATED BUILDING REPLACEMENT COST CALCULATOR
1. General Information
Please indicate if the construction of the roof of the main building is one of the following:

NB: Examples of Standard roof construction are: slate, tile, concrete, asbestos, iron, metal

 Standard
Thatch
Shingles (wood)
2. Private dwelling houses / Granny flats
2.1 Economic
(Barest essential finishes)
2.2 Standard
(Standard finish, white glazed tiling, white bathroom fittings, steel kitchen cupboards, plastered and painted walls outside)
2.3 Middle class
('Middle-of-the-range' priced carpets, tiles, bathrooms, kitchen cupboards and fittings, face brick wall finish outside)
2.4 Luxury (Architect-designed house)
('Top-of-the-range priced carpets, tiles and roof covering finishes of local materials. Luxury bathroom fittings, luxury kitchen cupboards and fittings and acoustic ceilings. Generally aesthetic shaped plan and elevations, architectural features, double volume areas and roof lights)
2.5 Exclusive (Exclusive Architect-designed house)
(As 2.4 but exclusive finishes and fittings throughout - significant percentage imported components. Exclusive attention to detail - moulded skirtings, cornices and dados, comprehensive lighting, exclusive tiling patterns and borders, cooling/heating ventilation installation).

x m2 =R
3. Outbuildings
3.1 Carport =R
3.2 Outbuildings (Garage and servant's quarters) R x m2 = R
SUB-TOTAL (A) (total of items 2 and 3)R
4. Foundation walls etc below the dwelling
4.1 If the slope of the site is such that high or stepped foundation walls, terraces or retaining walls have been created, add a minimum amount of 5% of SUB-TOTAL (A) above

Please tick if this is applicable to your home R
5. Other improvements
5.1 Swimming pool: =R
5.2 Tennis court: =R
5.3 Steel sliding gate (for cars) =R
5.4 Fencing/walling

- Face / clinker brick wall R x m =R

- Concrete or clinker faced pre-cast wall R x m =R

- Steel or wooden / split pole R x m =R

- Retaining walls: indicate the approximate replacement cost =R
5.5 Paving of concrete, brick or interlocking blocks R x m2  =R
5.6 Additional items such as jacuzzi's, lapa's etc:
Indicate the type of item and the approximate replacement cost

Thatch Lapa =R

=R

=R

=R
SUB-TOTAL (B): (i.e. SUB-TOTAL (A) plus all the abovementioned items) R
6. Plus: 10% of SUB-TOTAL (B) in respect of rental value / loss of rent, architects, engineers and other professional fees, cost of demolition, site clearance, etc which are also insured. R

TOTAL NEW REPLACEMENT COST: (Rounded up to the next R1 000) R


Note: The above-mentioned figures include the following:
  • VAT at 14%
  • 10% in respect of rental value/loss of rent; architects, engineers and other professional fees; cost of demolition; site clearance; etc.
  • A percentage in respect of escalation of building cost (labour, material, plant and fuel) during the annual policy term, i.e 50% of th eprojected building inflation cost.

 

WHAT THIS WILL CALCULATE

 

Your home is likely to be the single biggest investment that you will make in your lifetime. It is therefore in your best interest to ensure that you are adequately covered in the event of your home being destroyed or damaged by fire, earthquake, flood and/or other insured events.

 

There is a difference between the market value of your property (which includes the stand, its location, as well as the age and condition of the property) and the actual replacement cost of the buildings. Since the Houseowners Insurance policy provides cover on a 'new for old' basis, it is important to assess the costs you would incur if you had to rebuild the same property at today's prices. It is for this purpose that this facility to calculate the sum insured of your residential property has been designed.

 

PLEASE NOTE:
This questionnaire is provided to existing & prospective policy holders in order to establish the estimated building replacement cost / insured value of the dwelling. The values indicated next to each item are minimum general guidelines only and may be adjusted upwards should it be considered too low in view of the unique finish or construction of the dwelling.

 

It is very important to ensure the accuracy of the area measurements, which should represent the measurements on plan over the outside walls of the home. If in doubt, kindly determine the size of your home and the outbuildings from the local authority.

 

The onus to ensure that a dwelling is insured adequately rests with the policy holder. It must be noted that the property is insured on a reinstatement value basis and the compensation payable in terms of the policy in the event of loss or damage is based on replacement as when new. However, the policy is subject to average and the policy holder will therefore be responsible for a rateable proportion of any loss in the event of under insurance.

 

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