What work is covered by a House flip policy?
Our house flip cover is designed for short-term cosmetic renovations. If you’ve got a do-up project that’s liveable, in reasonable condition, and just needs a refresh to get it market-ready, this policy is ideal.
We can cover homes that:
-
Are safe and habitable
-
Have no major outstanding maintenance or damage
-
Only need light updates to improve their appeal
We cover cosmetic renovations — things like painting, new carpet, or replacing fixtures.
We don’t cover structural alterations — so it’s important to know the difference before purchasing this policy.
If you’re planning work that involves changing the structure of the home, you’ll need a separate contract works policy.
Is your project suitable for initio’s Flip Policy?
Works covered by a House flip policy
Cosmetic Renovations
If you’re doing cosmetic renovations to your house (with no structural alterations) you can place cover under a House flip policy.
What’s considered ‘Cosmetic Renovations’?
Cosmetic renovations are work that doesn’t involve structural alterations or changes to the house. Some examples that are covered by the House flip cover are:
- Painting (outside and inside)
- Installing new carpets
- Replacing a toilet
- Removing a non-load bearing wall
Works that won’t be covered by a House flip policy
Structural Renovations
The House flip cover is not designed to cover work that involves changes to the house’s structural make-up. This kind of work should be covered by a separate contract works policy on the house.
What’s considered ‘Structural Renovations’?
Some examples of structural work are:
- Re-roofing
- Building a new extension to the house
- Removing a load-bearing wall
- Re-cladding the house’s exterior
Note that this isn’t an exhaustive list. If you’re still unsure if the work you’re doing is structural, please get in touch.
Doing Structural Work and need contract works cover?
For a specialist online contract works solution we’re partnered with BuiltIn Insurance. BuiltIn are New Zealand’s trade insurance experts and have an online Contract Works insurance offering where you can get a quote for your works online, and purchase online too.
Like initio, BuiltIn are underwritten by IAG so this means that you will have the same ultimate underwriter for the house and contract works risk, which is important.