New Zealanders are chronically under-insured.
Insurance spend in NZ is 2.8% of GDP, whereas the OECD average is 8.4%. There are no doubt many factors at play, but this huge gap can be explained in part by our ‘she’ll be right’ culture. In 2016, the Treasury released a report which estimated that 85% of NZ homes are under-insured by an average of 28%. What it means if you’re under-insured is quite simple – you won’t receive a big enough pay-out to fully rebuild your home if it’s beyond repair. And it’s not just home rebuild insurance that is experiencing under-insurance. More pervasive is the phenomenon of under insuring contents.
But how do we work out what we have and how much it is worth or even more importantly, how much it would cost to replace? The few of us who do actually work it out (I am NOT one of those disciplined people), use contents calculators which the insurance companies provide. These are a great starting point but they are dynamic, and will not store the values for the user. But even more importantly, they will not store information about the brand, model, age of the items, or photos, receipts etc. needed when a claim is made. New biz on the block, Home & Property Solutions (HAPS) is about to change all this.
The HAPS app records all your assets – fixed and portable – item by item – securely in the cloud. HAPS stores unlimited photos, receipts, warranties, make and model information which can be retrieved from any of your devices, from anywhere in the world. The information is organised by spaces in your home, to ensure that you are a) correctly insured; and b) in the event of a claim, you have all the details of the loss. This means a claim can be processed without delay, minimising further stress to you after an already stressful event.
We live in a digital age where information can be kept at our fingertips, which frees up headspace and gives us time to relax. Keeping this kind of information in your head no longer makes sense.
Don’t delay any longer – get with the HAPS. Signup for $11.99 per month or $119.00 per year.