The owner of a Christchurch home is claiming it will cost nearly $8.5 million to rebuild the luxury waterfront property.
Pavlos Van Aalst has launched High Court proceedings against IAG which insured the 812 square metre Redcliffs home for the full replacement cost from 1 June 2010.
A statement of claim, laid in the High Court last year, said the home is beyond repair and the cost to rebuild it would be nearly $8.5 million.
The owner's lawyer, Peter Woods, said IAG has stated the waterfront home could be repaired but reports commissioned by the homeowner showed repair was impractical and not economically viable.
Mr Woods said insurance company representatives were visiting the home today to do further assessments.