IAG launches campaign to inform homeowners of change

25 March 2013

Talking letterboxes and well-known builder John ‘Cocksy’ Cocks feature in a campaign launched today by IAG to help inform and educate the many home owners facing changes to their home insurance policies over the next 15 months.

The campaign, “need2know”, addresses the shift of IAG’s unspecified replacement home insurance policies to maximum specified sum insured policies.

A specified sum insured home policy sets a maximum amount that is able to be applied to reinstating a home in the event of it sustaining major damage or being destroyed through unforeseen circumstances.

IAG’s New Zealand Chief Executive, Jacki Johnson, says IAG and its brands are responding to requirements of its international reinsurers – companies that provide capital to meet claims in the event of large scale natural disasters.

Reinsures are seeking greater certainty around their levels of exposure to natural disasters in New Zealand in the wake of the Canterbury earthquakes.

“As a result of this change, many homeowners will need to be more involved in understanding their homes and the likely cost involved in having to rebuild should a disaster strike,” Ms Johnson said.

“We understand that adapting to this may be difficult for a number of people, and we want to support them – particularly those who are our customers, but we know many other home owners will also have questions that we can help with.”

“We don’t want anyone to be caught out by not having enough cover,” Ms Johnson said.

Customers will receive detailed information about what they need to know to be prepared for the change in advance of their home insurance policy renewing over the next 15 months.

To support customers, and homeowners in general, IAG launched a comprehensive public information campaign built around the website www.need2know.org.nz.

The website features informative videos from building consultant John ‘Cocksy’ Cocks, well known from TV appearances on My House My Castle, Hot Property, Groundforce, Changing Rooms and April's Angels.

It also includes an online calculator that can help homeowners by estimating a likely rebuild cost for a home based on information such as its age, size, location, slope of the property it is built on and quality of fixtures and fittings.

The need2know.org.nz website will be supported by a wider campaign including television, radio and press advertising as well as digital activity.

IAG brands include State, AMI and NZI, while IAG provides home insurance products also for BNZ, ASB, and The Co-operative Bank.