Under-insurance of homes widespread, building up to billions

Insurance brokers are reinforcing warnings about under-insurance of homes.

The story broke in the National Business Review on Friday and has attracted other broker comment.

Kenn Butler of Vision Insurance in Nelson says most homeowners “don’t have a clue” about the true value of their home if they have to rebuild or repair.

“I see these issues every day. Insurers are aware of them but are essentially taking no real action other than advertising the issues and sending out quantities of information that is often far over the heads of most people.

 

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