Nearly half of Auckland residents do not have home insurance, according to a startling new study from global price comparison site Finder.
In the wake of Auckland’s devastating summer floods, new research reveals that 45% of Auckland homes are without home insurance — higher than the national average of 39%.
The lack of coverage leaves homeowners exposed to huge losses following the devastating weather events of January and February.
According to Finder, insurance coverage is higher among those who have a mortgage. Only 10% of people with home loans said they did not have home insurance.
Finder’s nationally representative survey of 1,114 respondents revealed that 77% of Kiwis living in Auckland have car insurance. This is slightly lower than the national average of 80%.
Angus Kidman, Finder’s editor at large in New Zealand, said the floods could be devastating for people without insurance coverage.
“Some Kiwis are not taking out insurance because they simply can’t afford it,” Kidman said. “Following the recent run of natural disasters, consumers are facing rising premiums which can put too much pressure on the household budget.
“But insurance is one of those costs that can be short term pain, long term gain – especially since the recent run of natural disasters in New Zealand. If you’re yet to take out home and contents insurance, this is a reminder of its importance.”
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