Media Releases

For a smooth summer holiday, the IFSO Scheme has some tips to help you avoid holiday mishaps resulting in declined insurance claims.

Karen Stevens, Insurance & Savings Ombudsman, advises residents affected by the Canterbury floods to call your insurance company before you start your clean up.

Insurance & Savings Ombudsman Karen Stevens urges people to check that the amount they are insuring their house for will be enough to rebuild it in the event of a disaster.

The onus is on home owners to check their house insurance policies carefully. “We want homeowners to check that the amount they are insuring their house for is enough to rebuild it in the event of a disaster,” says Karen Stevens.

“Many people do not realise they cannot withdraw their KiwiSaver savings early unless they meet strict criteria,” says Insurance & Savings Ombudsman Karen Stevens.

The Insurance & Savings Ombudsman Scheme continues to receive calls from Canterbury residents who are not eligible for a temporary accommodation benefit when their homes are being repaired or rebuilt.

Up to 10 percent of calls received by the Insurance & Savings Ombudsman are questions about insurance excesses.

Insurance & Savings Ombudsman Karen Stevens says good client communication and clear processes can help financial advisers prevent client dissatisfaction.

Last year the Insurance & Savings Ombudsman Scheme resolved the largest number of complaints since 1998, with 3,215 complaint enquiries and 300 complaint investigations.

Money Week is a timely reminder to read your documents and keep asking questions, says Insurance & Savings Ombudsman Karen Stevens.