Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


New Information Sheet on changes to house insurance

Media Release – 2 July 2013

Insurance & Savings Ombudsman Scheme launches new Information Sheet on changes to house insurance to “sum insured”.

Most house insurance policies are changing the basis of cover for new policies and at renewal. This change is from an unlimited full replacement, based on the size of the house, to a full replacement up to a maximum “sum insured”.

Consumers are now responsible for estimating the costs of replacing their house, known as the “sum insured”. The sum insured is the maximum amount the insurance company will pay in the event of a claim.

“From the calls and complaints we are getting to the ISO Scheme, we know that many people do not understand what the change to a sum insured insurance policy means for them. We have published this new Sum Insured Information Sheet to help people understand what the change means and the factors they should consider when working out the correct sum insured for their property”, says Karen Stevens, Insurance & Savings Ombudsman.

“We want consumers to be well informed, make the right choices and ask the right questions. Complaints often arise when consumers don’t understand the insurance cover they have and what it can do for them.”

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news