Over the past 12 months, the New Zealand insurance industry has gone through the largest change in personal home insurance in 30 years. You’ve probably already had to change from cover based on the size of your home to cover based on a specified sum.
But, a word of advice… just because you’ve taken the time to carefully work out the replacement value of your home, doesn’t mean you can forget about it for the next 10 years.
As a proud nation of DIY handy men and women we like to upgrade, replace, repair and change our most prized of possessions - our homes. I was never one for this until my wife suggested we make a few changes to the kitchen and bathroom. We made the changes and now when friends comment on how great it looks, she lets me take the credit for the idea. But it wasn’t until my own insurance renewal came up that I realised that I had been underinsured for roughly 6 months after the improvements were made.
I had done the hard work, but forgotten to increase my sum insured as a result.
While there wasn’t a big gap between my sum insured then and now, I certainly would not have wanted to pay for the kitchen twice had something happened.
If you make any improvements to your home – remember to call your broker and update your sum insured.
By Stu Cooper, previously National Claims Manager @stu_cooper
About the AuthorName: Rothbury
Like many of our business insurance clients we're a majority NZ owned company that was started by enterprising Kiwis in 1950. Today, New Zealand is a different place to when we first started. As a consequence, the way…
Like many of our business insurance clients we're a majority NZ owned company that was started by enterprising Kiwis in 1950. Today, New Zealand is a different place to when we first started. As a consequence, the way we respond to your business and personal protection needs has evolved and matured.
While our core business is still related to creating the best insurance solutions for you, our motivation and passion now lie in being unconditional advocates for our diverse range of clients. In other words people like you.Close