Cordell Calculator – New Zealand

The Cordell Calculator, also known as the Cordell Sum Sure Calculator, is an online tool provided by CoreLogic New Zealand to estimate the cost of rebuilding a home for insurance purposes. It helps New Zealand homeowners and insurers determine an appropriate sum insured amount to ensure adequate coverage in the event of a total loss, such as from fire, earthquake, or other disasters. Widely used by major insurers like ASB, ANZ, Vero, and AMI, the calculator leverages CoreLogic’s extensive construction cost data to deliver quick, user-friendly rebuild cost estimates.

Purpose of the Cordell Calculator

The Cordell Calculator is designed to:

• Provide an estimate of the cost to rebuild a home to its current standard, including materials, labor, professional fees, demolition, debris removal, and GST.

• Help homeowners avoid underinsurance by ensuring their sum insured reflects accurate rebuild costs, not market value or purchase price.

• Streamline the insurance quoting process by pre-populating property data and allowing users to adjust details for accuracy.

• Support insurers in integrating rebuild cost data into their platforms for consistent client experiences.

How to Use the Cordell Calculator

1. Access the Tool: Available through Calculator provider websites ( GCalculate.com ) platform for authorized users. Some insurers, like ASB, customize the calculator to include GST in estimates.

2. Input Details:

   • Address: Enter the property address to pre-populate data like size, construction type, and location-specific costs.

   • Property Features: Confirm or adjust details such as:

     • Number of stories.

     • Exterior wall materials (e.g., brick, weatherboard).

     • Roof type (e.g., tile, metal).

     • Special features (e.g., retaining walls, swimming pools, spa pools, tennis courts).

     • Slope of land and other site-specific factors.

   • Additional Inputs: Include costs for fences, driveways, and compliance with current building codes.

3. Review and Adjust: Users must verify pre-populated data and fill in gaps (e.g., recent renovations like a new kitchen or retaining wall) to ensure accuracy.

4. View Results: The calculator generates an estimated rebuild cost in seconds, including GST, professional fees, and debris removal. Results are tailored to typical construction costs for similar homes.

Eligibility and Requirements

To use the Cordell Calculator:

• Users need a New Zealand residential property address.

• Basic knowledge of the property’s features (e.g., materials, size, special features) is required.

• Access may be restricted to insurer websites (e.g., ASB, Vero) or CoreLogic’s platform for professionals.

• No specific residency or financial requirements apply, but users should be preparing for or reviewing home insurance.

Why It Matters in New Zealand

The Cordell Calculator is critical in New Zealand’s insurance landscape, where underinsurance is a significant risk. With rising labor and material costs (e.g., construction costs slowed but remain high in 2025 per the Cordell Construction Cost Index) and frequent renovations, many homeowners’ sum insured values are outdated. The calculator helps:

• Avoid Underinsurance: Ensures coverage aligns with current rebuild costs, not market value or purchase price, which can differ significantly.

• Simplify Insurance: Streamlines the process of setting or updating sum insured amounts, especially during policy renewals or after renovations.

• Support Compliance: Accounts for modern building codes and compliance costs, critical in NZ’s earthquake-prone environment.

• Enhance Confidence: Transparent estimates empower homeowners to make informed insurance decisions.

The Depositor Compensation Scheme (effective July 1, 2025), while focused on bank deposits, underscores NZ’s emphasis on financial security, making tools like the Cordell Calculator vital for protecting homeowners’ most valuable assets.

Practical Example

Using the ASB Cordell Sum Sure Calculator:

• Input: A 3-bedroom, single-story brick-and-tile home in Auckland, 200 sqm, with a retaining wall and standard features.

• Pre-Populated Data: Roof (tile), walls (brick), flat land, 2 bathrooms.

• User Adjustments: Add a $50,000 retaining wall and recent kitchen upgrade.

• Output: Estimated rebuild cost = $650,000 (including $50,000 for retaining wall, $10,000 for demolition/debris, $15,000 for professional fees, and 15% GST).

• Action: Set sum insured at $650,000 or higher to qualify for benefits like Vero’s SumExtra (additional coverage if costs exceed estimates).

Comparison with Quantity Surveyors

While the Cordell Calculator is fast and free, it lacks the precision of a quantity surveyor:

• Cordell Calculator: Quick, relies on generic data and user inputs, may miss unique features like custom interiors or retaining walls. Best for standard homes.

• Quantity Surveyor: Involves on-site inspection, captures all property details, and aligns with insurance and funding requirements. Ideal for high-value, renovated, or complex properties. Costs $500–$2,000 but ensures accuracy.

Construction Cost Consultants, with over 100,000 valuations, note that online tools like Cordell can underestimate costs if improvements (e.g., new kitchens) are not entered.

Recommendations

• Regular Updates: Check sum insured annually or after renovations, as labor and material costs change rapidly (e.g., Cordell Construction Cost Index tracks quarterly fluctuations).

• Verify Inputs: Ensure all property features, especially special ones like retaining walls, are included to avoid underestimation.

• Supplement with Professionals: For high-value or unique homes, pair the calculator with a quantity surveyor’s valuation.

• Check Insurer Requirements: Use the insurer-specific version (e.g., ASB’s calculator adds GST) to align with policy terms.

For the most accurate rebuild estimate, visit your insurer’s website (e.g., ASB, Vero) or contact CoreLogic NZ. If unsure, consult a quantity surveyor or insurance advisor to ensure adequate coverage.