The cost of insuring a home is rising six times faster than incomes.
Data from Stats NZ show insurance premiums have increased 14 percent in the year to March, while incomes rose just 4.1 percent over the same period. The price of home insurance has increased 24.6 percent, while contents has increased 28 percent – both the biggest increase since the 1980s.
Insurance Council Chief Executive Kris Faafoi tells Mike Hosking a spike in premiums often follows significant events like natural disasters. It is important consumers maintain their level of insurance to protect important things in their life.
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