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Our broker took the time to explain our covers to us and discussed if cover would be in place if faced with some relative scenarios. Client - Ashburton Branch, Mar-13,

A Closer Look at Home Insurance

Your house is likely to be your most expensive asset. You can protect yourself from financial hardship in the event of loss due to unforeseen and/or catastrophic events with house insurance.

Changes to Home Insurance to ‘Sum insured’

The insurance industry is going through a period of significant change at the moment, as a result of the higher cost of natural disasters including the Christchurch earthquakes and other global events that have hit New Zealand and other parts of the world.

The impact to both local insurers and global reinsurers has meant that, they have had to increase premiums to reflect the losses of these natural disasters.

Currently, most house insurance policies will pay up to the square metres specified on the policy, without policy holders needing to specify a total dollar value of the home.

In 2013 this calculation will change. This means that homeowners will need to provide a ‘sum insured’ amount to their insurer. This amount provides the insurer with a better understanding of the likely rebuild costs of your home when you take out a policy and each year when it’s renewed.

There will be a number of ways to determine your “sum
insured”. There will be calculators available to help you
work out the rebuild cost of your home and reach a more
accurate level of cover, which you can access through
your broker. You may choose to get an insurance valuation,
or refer to a builder for an estimate.

TVNZ broadcast a story about the changes to home
insurance on Saturday 4 May click here for the story.

Talk to your broker if you have any questions or concerns about this coming change.

We tailor the best home and contents insurance package to protect everything that needs looking after. Contact us for an insurance quote or more detailed information on how best to protect your personal assets.

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