The major fire and general insurance companies are changing the way that they insure your house.
Until late 2012 most home owners had 'replacement' insurance cover. This is changing to insurance cover based on a 'set sum'.
It is VITAL that you review your house insurance cover at your anniversary and make sure that you have adequate insurance cover in place. You may have to spend extra money to get an accurate valuation, and when you get that valuation, you may find that the cost of your insurance cover will increase.
There is a great article from Diana Clement at the New Zealand Herald that is 'must read'.
Moneyworks do not provide assistance with Fire and General insurance cover, but recommend our own personal insurers, Chris Rolfe at Bridges Insurance. Contact them directly if you feel that it is a good time to look at whether you need a specialist insurance broker to assist you.
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By Carey Church