Valocity re-invents reinstatement insurance with myrebuild

Auckland-based Valocity has announced a new solution – myrebuild.co.nz – to calculate the rebuild costs for reinstatement insurance.

When insuring a home; should an unfortunate event occur requiring a property to be rebuilt, lenders, insurers and property owners will often utilize a calculator to determine the rebuild cost.

“For far too long rebuild calculators have been inflexible, complicated and designed for the mainstream using generic assumptions. They fail to take into account New Zealand’s unique natural and built environment risks. There’s a huge risk for insurers and consumers of under or over insuring if customers get ‘question fatigue’ through the process of estimating the sum insured.” – Valocity Founder and CEO, Carmen Vicelich.

The Valocity myrebuild model combines unique proprietary data, which for the first time leverages rich nationwide household rebuild data maintained by quantity surveyors and valuers in combination with building consent history and risk data, actively maintained through a feedback loop.