Ensuring Adequate Home and Commercial Insurance Cover: Insights from Wayne Cooney, Insurance Broker
A home is often one of the biggest assets a person can have. Therefore, it is crucial not to risk being underinsured. Insurance broker Wayne Cooney believes that ensuring the correct level of home insurance is vital, even during challenging times. For those with a mortgage, the bank will want to know that the insured value is valid in the current market.
The mentality of “it will never happen to me” regarding business, home, contents, or car cover is not a winning attitude. The frequent call-outs by the fire service across New Zealand attest to this. Using a contents calculator to check current cover levels can be an eye-opener, revealing potential shortfalls in coverage.
The Cordell Calculator provides a realistic estimate of rebuilding costs in the current market. It is important to factor in expenses like debris removal and professional fees. If these are not included in the insurance cover, homeowners may end up paying out of pocket.
Commercial insurance is not immune either. Regular reviews of cover levels by a broker are essential. Risk reports can be provided for various industries, offering real insights into potential exposures. If a business owner has never seen one for their industry, now is the time to do so.
Changes in turnover, directors, or staffing numbers can impact liabilities and business interruption covers. It is essential that insurance brokers or providers are informed of these changes. A proactive broker should regularly check these details with their clients.
New risks are always emerging, and cyber cover, for example, is becoming increasingly important for businesses in New Zealand. What was not considered an exposure 20 years ago may now be front and centre. It is crucial to ensure that insurance cover evolves with these changing risks to protect valuable assets.
Is your insurance due for renewal? Give Wayne Cooney your go-to insurance broker a call for a free quote or review today!
Contact Wayne Cooney
021 347 640
www.waynecooneyinsurancebroker.co.nz
facebook.com/waynecooneyinsurancebroker
Contact Phillip Quay
027 458 7724
