Insurance – make sure you don’t get caught out in a disaster

Joe and Karen built an extra storey onto their Christchurch property last year.  Although they obtained all relevant consents for the additions, they had not thought to let their insurance company know of the added floor area.  When the recent earthquake struck and they contacted their insurer they were devastated to find out that their insurance wouldn’t cover any more than the recorded floor area (which was only the bottom storey!)

The recent Brisbane floods and Christchurch earthquake have caused a myriad of issues to arise in relation to insurance. 

Here are some tips for making sure you are prepared:

1. If you have added on to your property or are aware that previous owners may have done so, have a professional measure up the property to confirm the correct square meterage. 
2. Let your insurance company know of any change in floor area.
3. Check your insurance policy or talk to your insurance broker to check what your insurance actually covers.