Further to our recent post on “Important Changes to House valuations“, there has been another article published yesterday reiterating the need to be careful with insurance.
This new article published in Stuff (click here to go to the article) illustrates the somewhat obvious point that not all banks have the same policies and that sometimes little differences could mean the world of difference.
The article compares standard house insurance from ASB, ANZ, Kiwibank, Westpac and BNZ in a handy chart shown below:
The article states “the ASB policy excludes coverage for “any part of the home that is used for business” unless it is rented out as a residential property, or is used purely as a clerical home office, unless again that part of the home is scheduled as a “special feature”. This requires the policyholder to ask for it to be scheduled as such.” It further adds “policies can have benefits others do not offer, or they can pay out much less. For example, the ASB policy provides an accommodation benefit to pay for alternative accommodation, if a home is rendered temporarily unfit to live in, but it is up to a maximum of $12,500, less than half that of the ANZ policy.”
Policies unfortunately are not easy to read, let alone understand, so contact specialists to help you understand your valuation and your home better.
Please click here to contact the friendly Queen City Law team.