Fire, flood, earthquake, burglary and accidents can cause damage to your house. House insurance protects what is likely your most expensive asset.
The most common claims we see are:
- Gradual damage such as wall or floor damage from internal leaks
- Weather related damage to roofs
- Damaged joinery or flooring caused by internal flooding such as dishwasher or sink overflows
- Hot pots causing bench top damage
Changes to home insurance
From 2013 home owners NZ wide will need to provide a Sum Insured to the insurer.
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.
In addition to increasing premiums, insurers are changing the way that homeowners will insure their houses.
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.
There will be a number of ways to determine your “sum insured”. Calculators are available to help you work out the rebuild cost of your home and reach a more accurate level of cover. Or you may choose to have your property valued for insurance purposes by a registered valuer.
Talk to your broker if you have any questions or concerns about this coming change.
Calculate your ‘Sum Insured’
A guide to calculating square metres (SQM) and Natural Disaster Sum Insured (download pdf)
Calculate - For more info about working out your sum insured, including an online calculator.
What’s in the Media
TVNZ - Broadcast a story about the changes to home insurance on Saturday 4 May.
Campbell Live - Broadcast a story about the changes to home insurance on Monday 27 May.
We tailor the best home and contents insurance package to protect everything that needs looking after.