Changes to Home Insurance
By now you have probably seen the adverts with the talking letter boxes warning us about sweeping changes within the insurance industry in New Zealand. The aim of the campaign is to help inform and educate home owners about the move from unspecified open end replacement insurances, based on size (sqm), to maximum specified sum insurance policies, commonly known as Sum Insured policies.
In order for you to have protection in the event of your home being destroyed, it is important that you are aware of these changes and know exactly what the cost of rebuilding your home would be.
How should you calculate the Sum Insured?
There are a number of online calculators from most insurers which will assist in determining the cost of rebuilding your home; alternatively, some home owners are using professional services to determine rebuild costs.
The TV adverts direct you to visit http://need2know.org.nz which is brought to you by New Zealand’s largest general insurer, IAG New Zealand Limited (the owner of the State, NZI and Lantern Insurance brands and underwriter for most of the home insurance offered by ASB, BNZ and the Co-operative Bank, and many New Zealand insurance brokers) and by AMI. Your own insuracne company will also have details on their own website