Sep 17, 2019
Easy website, helpful staff
We know that your holiday home is used by family and sometimes paying guests too. So we’ve built an all-in-one online insurance policy for New Zealand holiday homes, its the only one like it, and that’s why we are endorsed by Bookbach and insure 1000’s of holiday homes.
Standard house insurance doesn’t work for holiday homes. Holiday homes are often left vacant for extended periods, they have personal contents and sporting equipment, and sometimes they get rented out to short staying guests. We know all of this, and we’ve built a policy to suit.
Instant quote and insurance cover online, including certificate of insurance to your inbox and the ability to make changes in real-time with NZ’s only Live Policy Management. It also means that we can pay claims fast, make claims and view their progress directly from your personalised insurance dashboard.
Understanding the benefits of our cover
Cover up to Sum Insured
Excess is your choice of $400 / $650 / $1,150 / $2,000
Covered up to 52 weeks
Cover from $20,000 to $80,000
Items under 5 years of age
covered for replacement
Cover from $20,000 to $220,000
Fire & Explosion covered
up to the replacement value
Covered up to $25,000
Included up to $25,000
Covered up to $30,000
Includes EQC Cover
Plus top up to the replacement value
Swimming Pools, Spa Pools and Tennis Courts
Included up to $45,000
$2 million of cover
Includes Bodily Injury and Defence Costs
Cover up to Sum Insured
Your chosen excess will apply if the property is inspected every 60 days, is adequately maintained, mail is cleared, water supply turned off and all doors and windows secured.
Its a specific insurance policy that covers the holiday home itself and provides protection for holiday home risks such as unoccupancy for long periods, and damage caused by guests and paying guests. Whether a property is rented to short staying guests or is just used by friends and family – a holiday home insurance policy is necessary.
That’s exactly what our policy is designed for. The initio policy provides cover for guest risk including malicious damage, contents, prevention of access and loss of rents. If you are renting your holiday home out and don’t have a specific holiday home insurance policy or haven’t told your existing insurer you may not have cover if something goes wrong. AirBnB and Bookabach have ‘back-up’ insurance for customers too but its best to have a primary insurance policy that provides the right cover. Find out more about AirBnb & Bookabach insurance.
Then its not technically a holiday home and would not be covered by the EQC in the event of an earthquake. For this reason initio can’t provide cover either as the property is more like commercial accommodation than residential. Learn more about the difference.
From the large number of holiday homes we insure, the top four claims are:
As long as you have a holiday home insurance policy that provides cover for guest damage then you will be protected. The initio policy Yes, includes cover for theft and deliberate damage by tenants. We will pay up to $25,000 for one event.
Don’t worry, if it is major malicious damage and the tenants cause a fire or explosion, you’re covered up to the full sum insured of the property
So long as you have holiday home insurance that specifically covers loss of rents you will be protected. The initio policy provides automatic cover for $20,000 of loss of rents, but you can increase this up to $80,000. For cover to apply the property must have suffered damage that causes the cancellation of the stay. Most insurance policies require a tenancy agreement to pay loss of rent BUT initio provides insurance based on your cancelled bookings and expected bookings (based on the previous year).
You will want to insure your holiday home for the amount it would cost to replace it with a new one. You also need to include extra things like fences, driveways, and swimming pools. And you will want to add in a provision for the inflation in the cost of materials and the cost to demolish and clean up the site. It is recommended that you use an online tool such as Cordell or obtain a valuation from a quantity surveyor such as CCC. See here for more information about a rebuild valuation.
Get a quote online quote, answers a few simple questions (including the Bank you want on your certificate) and start your cover online. A certificate of insurance will be instantly emailed to your inbox. No delays, we use technology to save your time and money. You can amend and get a new certificate anytime through your initio dashboard.
If you’re thinking about making your home, rental property or holiday house available for short-term rentals, make sure you know the rules on holiday rental agreements, claiming expenses, whether to declare it at tax time, and more.
Ministry of Business, Innovation and Employee guide to short term rentals.
Tips on ensuring your back’s covered when renting out your property to holidaymakers using the likes of Airbnb and Bookabach.
Read the full article on Interest.
As a bach owner, you have to comply with five different Acts relating to health and safety. Bookabach has read the acts so you don’t have to – and summarises the main points.
Learn from Bookabach’s research.
This factsheet explains the tax rules applying to a ‘mixed-use’ holiday home, meaning holiday homes that are rented out to paying guests. Its important to understand you tax obligations.
See the IRD fact sheet.