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Consumers over confident

09 Jun 2017

A recent survey suggests that Kiwis are over-confident about their home and contents insurance.

In Canstar Blue’s latest survey, it was revealed that two thirds of New Zealanders believe they have adequate home and contents insurance, and yet 60% don’t review their cover every year.

The survey also revealed that 78% renewed their insurance with the same provider and less than half understand their policy documents and what is covered.

“Our homes and what we have in them are usually our most valuable possessions and it’s worrying to see that so many people may not be taking steps to ensure they are adequately insured,” commented Canstar Blue GM Jose George. “It’s good to see a high degree of confidence but it is worrying that, for many people, it looks to be without foundation.”

He also stressed the importance of gaining more information given the continuously evolving market.

“The changes that have taken place across the New Zealand insurance market in the last few years mean it is a very different landscape to what some people were used to,” George said. “The introduction of sum insured, general increases in premiums, and the forthcoming increases to EQC levies mean that some people may need to re-educate themselves.

“Taking a small amount of time to calculate your rebuild costs, the value of your contents, and familiarising yourself with your policy can save you time, money and stress if you find yourself having to make a claim. If in any doubt at all, talk to your insurer.”

 
 - Insurance Business

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