Received insurance renewal invoice from Tower for a property in Wanganui and renewals for four properties in Masterton. The Wanganui property's premium has increased a whopping 63%, whereas all the Masterton properties were less than 10% increase. Values of all 5 properties are roughly the same and similar sizes, hence the insurance has always been within about $30.00 of each other. Insurance has gone from $431 to $706.
Contacted Tower and was eventually told that the large increase for Wanganui was due to risk reassessment and that the whole country would eventually be reassessed. As it stands at the moment, it appears to safer to live in Masterton ( on the Wellington faultline ) than Wanganui.
Has anybody else struck this around the country at all?
I'm currently reviewing insurances on all properties with Vero but they're are coming in at about $150 higher on most properties than Tower on a similar policy.
Contacted Tower and was eventually told that the large increase for Wanganui was due to risk reassessment and that the whole country would eventually be reassessed. As it stands at the moment, it appears to safer to live in Masterton ( on the Wellington faultline ) than Wanganui.
Has anybody else struck this around the country at all?
I'm currently reviewing insurances on all properties with Vero but they're are coming in at about $150 higher on most properties than Tower on a similar policy.