Are you adequately insured?

If you had to make an insurance claim would you know what you owned?

Are you adequately insured? Disasters and crimes can strike at any moment, leaving homeowners vulnerable and devastated. Whether it’s a flood, fire, or theft, losing everything can be overwhelming. The challenge of knowing exactly what has been lost and ensuring adequate insurance coverage becomes a priority. In New Zealand, recent extreme weather events have caused significant damage, leaving many families grappling with the loss of their homes and possessions. The battle to settle insurance claims adds another layer of stress to an already traumatic situation. Among those affected by the West Auckland floods in January 2023 were the Pilgrim whānau, whose harrowing experience is documented in full here.

The Pilgrim family scrambled to salvage what they could, but the rapidly rising floodwaters soon made it impossible. They were left feeling powerless as water seeped through the floorboards of their home. However, they were not alone in their ordeal; numerous other families were also affected by the floods and were subsequently forced to claim on their house insurance. The Pilgrim family sought assistance from Fair Go, which stepped in to provide guidance on their insurance claim and secure temporary accommodation.

This situation raises the question: how much should the public know about making claims in the aftermath of a disaster? Karen Stevens, New Zealand’s Insurance and Financial Services Ombudsman, emphasises the importance of documenting evidence of damage and loss to support insurance claims. She says,“The other really important thing is to record all of the damage,” she says.

“So, you know lists of things that have been damaged, photographs are great, videos anything that you can do to prove that you actually owned the goods.” Karen also reassures homeowners that they can begin cleaning up once they have adequately documented the damage.

The experiences of the Pilgrim family and countless others serve as a sobering reminder of the importance of being prepared for the unexpected. It is crucial to be knowledgeable about what you own and, more importantly, have the evidence to prove it if faced with a similar situation. Homeowners must be proactive in ensuring they have adequate insurance coverage to help navigate the claims process. In the event of a disaster or crime, being prepared can alleviate some of the stress and heartache that follows. Being familiar with your possessions and having documented evidence of ownership will make the claims process smoother and help secure a fair settlement from insurance companies.

Don’t wait for disaster to strike; take the necessary steps to protect your home and belongings today. Precious List makes keeping this record so much easier. Safe cloud storage means it’s one simple digital export to your insurance company to emphatically prove what you own, making the already hard process so much easier. Be able to answer the question ‘Are you adequately insured’ a confident ‘Yes’!