How much are your properties worth?
And if they do not want to judge that by a property’s CV or an online calculator, that could come with a very large valuer’s bill.
All of the country’s insurers are changing their policies from "total replacement value", where the insurer pays out whatever is required to rebuild a home, to "agreed value" policies, where a set payout is determined and agreed on by the property owner and the insurance company.
Already, new AA Insurance customers are on the new style of policy and the rest of the country’s insurers will start switching renewing customers over the next couple of months.
The move gives companies more certainty about what they would have to pay out in the event of a natural disaster. The country’s largest insurance group, IAG, said reinsurance costs had doubled because of the Canterbury earthquakes.
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