Hi All,
I read this article on NZH re. the rise in new businesses offering valuations for calculating insurance premiums.
Even if you just accept the default value the insurance company offers you stand to have at least $150 + added to your premiums - times that by the number of properties you have - it's enough to make many of us cry.
In that news item it mentions a lady paying $750 for a valuation to be told she needs to add $230,000 to the cost to rebuild and that her premiums will go up by $335. The cost to rebuild being more than the CV too. There must be a tipping point where you could end up over-insuring your property aye.
It's a tough call in some cases.
cheers,
Donna
P.S. you can see the scammers jumping in - conning little old ladies out of $$ saying they need to get a valuation done and it will cost them $700 etc aye.
I read this article on NZH re. the rise in new businesses offering valuations for calculating insurance premiums.
Homeowners are being forced to pay hundreds of dollars to have their homes valued on top of insurance bills because of changes to the way premiums and payouts are calculated.
In that news item it mentions a lady paying $750 for a valuation to be told she needs to add $230,000 to the cost to rebuild and that her premiums will go up by $335. The cost to rebuild being more than the CV too. There must be a tipping point where you could end up over-insuring your property aye.
It's a tough call in some cases.
cheers,
Donna
P.S. you can see the scammers jumping in - conning little old ladies out of $$ saying they need to get a valuation done and it will cost them $700 etc aye.
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