IAG NZ responds to move to bring back full replacement cover for homes lost to fire

Following Tower’s decision to reinstate full replacement cover for fire on home insurance policies, IAG NZ’s own direction will be to continue to offer our customers sum insured insurance to ensure they are fully protected in the event of a total loss, regardless of the type of event that caused it.

We feel that the industry standard of sum insured provides our customers with a clear understanding of their cover in the event of a total loss, whereas offering exceptions to the sum insured principal for specific circumstances such as a fire may cause confusion and promote an extra risk of underinsurance that would become evident following an event of another nature.

Tower fire full replacement total loss

Our aim is to help New Zealanders to understand their home insurance needs, which includes helping our customers to understand and establish their home sum insured value to ensure they are appropriately protected against loss and damage to their home.

We have developed the Need2Know website, www.need2know.org.nz, to give homeowners access to resources, support and advice that will help them to understand the process of establishing their home sum insured.

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