01 Jun 04 UNDER INSURANCE A REAL PROBLEM
The recent devastating floods in the lower North Island have highlighted the tragic problem of "under-insurance". This has been of particular significance in relation to home contents insurance policies, where sums insured have been much lower than they should be.
Many families have been thousands of dollars out of pocket as a result of this, and it is even more tragic when you consider that it only takes a few dollars more a month to ensure that you have an adequate sum insured.
Our advice is to spend some time making an inventory of your home, and jotting down values of each item - don't forget clothing, tools, kitchen utensils, bedding etc as well as the major items such as carpet, drapes, appliances, furniture etc. We have guides available to help you if you wish.
Once you have an idea of a correct sum insured, please check with us to ensure your cover is adequate. A higher voluntary excess can also be used to keep the premiums at a reasonable level - it's always better to cover yourself for a major catastrophe rather than smaller, less costly events.
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