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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news