One year on, about two thirds of NZ homes may be under insured, say insurers

Mon, 31 Mar 2014

By Suze Metherell March 31 (BusinessDesk) – About two thirds of New Zealand homeowners haven’t bothered to change their insurance policies after insurers changed to ‘sum insured’ policies last year, suggesting many don’t have the cover to completely rebuild their properties. The Insurance Council of New Zealand said informal industry reports suggest 60 percent to 70 percent of kiwi customers have opted to accept default cover, which is based on the average per-metre cost to rebuild a ‘standard house’. The new policies don’t distinguish bet...

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