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House Insurance Check
09/10/14

 

Have you checked your house policy to make sure you are correcly insured?

Please read the following document through this link to read the latest news about making sure you have a right sum insured for your house.

 

HOW IS THE COST ESTABLISHED?

There are a few ways that the Replacement Cost of a house can be established:

  • By arranging for a Registered Valuer to carry out a valuation 
  • By completing the online calculator provided by insurance companies, (see www.need2know.org.nz/nzi for the NZI calculator which we consider as the best one on offer)
  • Providing the Replacement Cost another way, for example from a builder or other qualified person.

PLEASE NOTE

  • Insurance companies and brokers are not qualified valuers, builders or quantity surveyors, so the amount that houses are to be insured for must be decided and set by the owner. It will be made clear that the owner is responsible for setting the Sum Insured.
  • Insurance companies will set a default sum insured on renewal, based on the cost per SQM to rebuild and based on the house being normal without added extras like significant retaining walls and special architectural features. It will be up to owners to change that.
  • If a new purchase is imminent, insurance companies or brokers (and the owner for that matter) will need extra time to arrange certificates for banks and the like, unless an interim sum insured is set by the owner.
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