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

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news