Insurance Rebuild information

Dear Member,

Here is some useful Hastings District Council data relevant to the question of Rebuilding the Rudolf Steiner Centre after a fire, which we consider at our SGM on Saturday 14 October at 3pm.

Name of building	Rudolf Steiner Centre
Postal Address	500 Nelson Street North, Hastings 4122
Frontage	401 Whitehead Road
HDC Property #	#15471
Legal	Lot 1;  DP 2081
Record of Title	H2/60
Valuation #	#1030011100
Land Value @ July 2023	$550,000
Improvements	$150,000
Capital Value	$700,000
Primary Use	Community Services
HDC Rates 2023	$3,650
HBRC Rates 2022	$143

 

Current Building Floorplan

Aerial View of Centre

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Based on a Google search for current building costs in New Zealand:

= $2,820 per sq metre, this table gives some idea of the cost of replacing the building in terms of area.

Rebuild Costs

Room	Area sqm	Rebuild	Essential
Main	94.1	$265,306	$265,306
Library	45.0	$126,900	$126,900
Art	36.0	$101,520
Consult	12.8	$36,096
Storeroom	9.6	$27,072
Kitchen	10.2	$28,877	$28,877
Toilets	9.4	$26,395	$26,395
Foyer	46.6	$131,299
Veranda	25.2	$71,064
PG Store	4.0	$11,280
	292.84	$  825,809	$  447,478

  

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From https://sumsure.corelogic.co.nz/     for 280 sqm

ESTIMATED COST TO REBUILD YOUR HOME

Rebuild Cost$791,260

Professional Fees$60,850

Demolition$65,764

Subtotal$917,874

GST$137,682

TOTAL$1,055,556

An Insurance broker responded to our query re costs:

“I’d really need to go to the market to provide some accurate advice, but I’m unable to do so as the Society’s policies fall due 4^th August.  Because the policies are “mid-term” no insurer will be prepared to offer indicative terms. 

However, based on what the market is doing and where I think the rates may come in, I would expect the premium for $800,000 to be roughly $6,500 plus GST. [$7,745]

If you were to increase this to $1,000,000, I expect it would fall around $8,000 plus GST. [$9,200]

Please note, these are a very rough indication only and certainly not accurate.  They are solely based on where I think an insurer would pitch their terms based on the value, ages and construction of the building. 

As advised above, the only way to obtain accurate terms is to approach the market with six weeks from your renewal date.”

 

Our current policy cost us $3,127.

Robin Bacchus

Treasurer