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What Insurance??

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Get your insurance and keep paying it

Today the PM visited Wairoa to see for himself the damage done when cyclone Gaby tore havoc through the East Coast area.

Looking at the One News report, it centered on the homes of uninsured families still living in garages and outbuildings. Their homes still waiting to be repaired. No insurance was the cry from the reporter.

It highlights the dilemma of both local and central govt. How do they help these people without bailing them out?  Insurance is not that expensive. But it is when you haven’t got it. These folk have money for tattoos, (1000 bucks minimum) smoking, and other perceived necessities, but no money for insurance?

https://www.1news.co.nz/2023/12/08/action-mode-luxon-wants-to-turbocharge-cyclone-recovery/#t=1m50s

 

 

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15 COMMENTS

  1. We’ve been paying EQC insurance for our house for decades ,as the 12 month anniversary of the cyclone nears we have still to see any movement of our claim for damage to our land.
    Having insurance cover doesn’t mean Jack shit it seems in Gayotearoa.

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    • I think that is unbelievable, you poor people, and so many like you. I think if we look at the Christchurch earthquake for example there were many then that had the same experience as yourselves, so it seems that the EQC are not worth it?????? It is a serious problem if they are still balking at paying out after all this time. You should have been paid out and finished with by now. Another Government office not fit for purpose. And these people who pay no insurance, well FCUK them. It is a huge cost to those of us that do pay to have our properties insured. Why should others get a chance at free money when the rest of us pay through the nose for a total lack of service????? I am so sorry.

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  2. Yeah this is tough, but insurance is a choice. If you don’t have it fine, but don’t expect everyone else to pay you out. Saw that couple on the news last night with damaged home in Wairoa telling the govt to hurry up and fix their house, and how it wasn’t fair they’d had to wait so long. Well sorry, but you took a risk and got caught out. Why should any of us pay insurance if the govt will just bail us out?

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    • Agreed. I pruned my cover back after being quoted around $5k this year – up from about $2.7 k only a couple of years back.

      Between the gouging commie scum at the Council, and the insurers, Wellington is an expensive place to be.

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      • Be careful over how much you prune back. I don’t know what the industry term is but the way our insurance broker explained it if you set an amount the insurer considers is ,say 75% of value, then they’ll only pay out 75% of any claim.

        The scales are weighted very heavily in their favour.

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      • I understand a lot of people are reducing or removing contents insurance and just keeping the house and car cover. I guess the worst that could happen re contents is a couple of thousand dollars assuming you don’t have art/jewellery type add ons.

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        • mcduff, who has only a couple grand contents these days?
          couple of cellphones and a tv will chew that up, wouldnt even cover a decent fridge nowdays.
          its amazing once you start adding up contents value, then throw in wifeys jewlery etc and 100k gets surpassed easily.
          contents is about our cheapest insurance and likely to be used most often (ever had a power surge?) so dont see why folk would can it unless theyve got quite old stuff not really worth insuring.
          we looked at putting vehicles onto 3rd party to save a bit of $$$ but it wasnt worth it and we would only save about 300bux per year total over 4 vehicles so whats the point?

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    • yea ours jumped up almost 30% this year too but as Ed points out its more expensive to not have it when you need it.
      when your insurance values a rebuild at 1.1mil and youre paying 4kper year well its gunna take alotta a few lifetimes of saving 4k per year without incident to just break even.

      only thing i wish insurance would do is genuinely price individual premiums/policy to the actual risk instead of socializing it by spreading across regions or nationwide.
      also insurance companies need to start playing the climate games and bring in sunset clauses or uninsurable zones for the high risk areas.

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