In Christchurch 86 schools were being repaired at a cost of $2.7m.
Associate Minister of Education Craig Foss has called for an independent review of how school property is provided and managed and said a report would be delivered at the end of the year.
Mr Foss could not say how much insuring school property would cost in 2012/13 and beyond.
He said the ministry was working to find the best insurance options for schools and the insurance from 2012/13 had not been finalised.
"During the Canterbury earthquakes, the cost of insurance has increased significantly. The increase was a response to the magnitude of loss caused by the Canterbury earthquakes, and New Zealand is now perceived as a higher risk area on the global insurance market," he said.
"Addressing the current range of issues affecting the school property portfolio is estimated to cost $2.3 billion over the next decade. It is imperative the Government has a clear and accurate picture of the status of school property," he said.
The education ministry's acting general manager of school's infrastructure group Jerome Sheppard said the Government spent $615m last year on maintenance, repairs and rebuilds of schools across New Zealand, including leaky buildings and those deemed to be a risk in the event of an earthquake.
In 2010/2011 the cost of repairing leaky buildings alone was $20.6m.
The reality of the price tag attached to the school property portfolio has sunk in for the Government, who this year signed a deal with Learning Infrastructure Partners for the first public-private partnership (PPP) schools.
A primary and secondary school under the PPP procurement model are being built at Auckland's Hobsonville Point.
The Education ministry will own the buildings but will have no responsibly for their design, construction, finance or maintenance.
Learning Infrastructure Partners secured the contract with the Government and were set to make $100m over 25 years ($4m a year).
Along with finding alternative ways to fund school property the Government were looking to asset sales to help fit the mounting school property insurance and maintenance bill.
Labour Party spokesperson for education Nanaia Manuta said the increase in insurance premiums would create strain in other areas of the education spend.
Mr Foss said the ministry was not currently considering any specific future PPPs.
Proceeds from partial sales of four state-owned enterprises and Air New Zealand would be directed to the Government's Future Investment Fund.
Treasury have forecast a sale of minority shareholdings could bring in $5b to $7b to the fund over the next five years.
CONTEXT FIGURES:
Insurance premiums 2010/11 - $2.4 million
Insurance premiums 2011/12 - $10.4 million
Value of school building portfolio - $10.2 billion
Cost of property maintenance and rebuilds over 10 years $2.3 billion.
Cost of repairs to 85 Christchurch schools this year - $2.7 million
Government spent last year on maintenance, repairs, and rebuilds across New Zealand - $615 million
Cost to Government of leaky buildings alone - $20.6 million
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