As New Zealanders we all tend to have the number 8 wire mentality. How often do you hear 'she'll be right'? New Zealand has gained a reputation as a nation of resourceful creative inventors, we are persistant always looking for solutions to problems. Yet underinsurance and inadequate cover are two common problems in New Zealand as the following highlights.
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Total loss fire. Contents were insured for $300,000 but the actual value was approx $650,000;
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A customer took out an insurance policy on a dwelling declared as 180m2. After it was destroyed by fire, it emerged that the size was actually 260m2;
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Total loss fire on a commercial building owners had fallen into the habit of not obtaining annual insurance valuations, and therefore were relying on valuations that were three years old. Property well under-insured, especially when building costs have increased 25% or more over the last 2-years.
PIC will help in getting you the right cover so that in the event of a claim you have the best possible response. We will advise you on how to make sure you have an adequate sum insured and the traps that you can potentially fall into.
Covers fall into three risk catergories:
