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

 


Remember to check your house insurance policies

Remember to check your house insurance policies

March 18 2014

The Insurance & Savings Ombudsman Karen Stevens is reminding homeowners that the onus is on them to check their house insurance policies carefully. “We want homeowners to check that the amount they are insuring their house for is enough to rebuild it in the event of a disaster,” says Karen.

“We’ve received a number of comments and phone calls after sending out information on sum insured yesterday. Despite the fact that insurance companies have been working hard to provide sufficient information to their customers, there’s clearly a lack of public knowledge about sum insured. We are trying to make sure that it doesn’t end in tears,” says Karen. “Our role is not only to resolve complaints, but to prevent complaints from arising.”

The ISO Scheme has received a number of enquiries and complaints over a period of time from people who don’t understand what sum insured means. It is the maximum amount an insurer will pay if a house needs to be rebuilt. “For example, in a recent complaint out of Christchurch, a homeowner was underinsured by about $900,000. The homeowner had not understood that the sum insured would only cover him in the event of a total loss up to the maximum amount set out on the policy schedule.

“Now is the time for homeowners to check that the amount of money on the schedule is correct; the exterior square meterage of their home is correct; and additional features of their home have been identified. A good place to start is the calculators on insurers’ websites, followed-up with expert advice from a builder or quantity surveyor if required.”

See the ISO Scheme sum insured information sheet
Or contact our office www.iombudsman.org.nz

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news