Understanding your contents cover

We have simplified our contents insurance policy so that getting the right cover is easy to understand.

Rental Homes

All rental homes automatically include $20,000 of contents cover. This amount can be increased to $40,000 or $60,000 if required. The excess on your contents is the same as the excess chosen for the home.

Historically your contents covered your carpet, however recent policy changes mean that all fixed carpets (including tacked and glued) are covered under the home policy. The benefit of this is the carpet is covered for replacement value, regardless of the age.

Your rental contents cover will still cover any window coverings such as curtains, blinds and drapes as well as light fittings. It will also cover any fixtures and fittings not permanently attached to the home, such as appliances that are not permanently plumbed, wired or built in to the home.

To keep things simple, contents less than 5 years of age are covered for the cost to replace, any contents older than 5 years, or those that you choose not to repair or replace are covered for the the present day (depreciated) value.

IMPORTANT: This is a summary of the policy contents cover and limits only. Please refer to the Initio landlord and holiday home policy NZ1811 for full details of cover.

Holiday Homes

All holiday homes automatically include $20,000 of contents cover. This amount can be increased to $40,000, $60,000, $90,000, $120,000 or $220,000 depending on how extensively the home is furnished. The excess on your contents is the same as the excess chosen for the home.

Historically your contents covered your carpet, however recent policy changes mean that all fixed carpets (including tacked and glued) are covered under the home policy. The benefit of this is the carpet is covered for replacement value, regardless of the age.

Your holiday home contents are covered for sudden and accidental loss at the home. So if a kayak is stolen from the home you would be covered, but if it was stolen from the beach; there would be no cover. Your holiday home contents does not include any personal effects such as phones and clothing (these would be covered by your main home contents policy – which you can also insure with initio, detail below).  Our holiday home contents insurance is designed to all items that are permanently kept at the holiday home, such as appliances, furniture, electronic items.

Motor vehicles, trailers and caravans are not covered by your contents policy, however ride on lawnmowers, wheelchairs, scooters, golf carts and <50 cc kids motorbikes that are less than 50cc are included.

Watercraft (limited to $2,500), bicycles (limited to $3,000) and linen are covered for their present day (depreciated) value. Contents older than 5 years, or those that you choose not to repair or replace are covered for the the present day value. Otherwise all other contents, less than 5 years of age, are covered for the cost to replace (new for old).  Meaning that that the old plasma TV, that’s say 4 years old, will be replaced with a new LED one – you get an upgrade in technology.

IMPORTANT: This is a summary of the policy contents cover and limits only. Please refer to the Initio landlord and holiday home policy NZ1811 for full details of cover.

Your own home

When you insure your own home with initio you are provided with the option to insure your personal contents. The contents will be insured for Replacement Value and you can choose the level of cover you require – $60,000, $90,000, $120,000 and $220,000. You can choose to have a different excess for your contents. The options are $400, $650, $1,150 and $2,000.

This policy includes cover for the contents of your own home, as well as your personal effects. You are covered for sudden and accidental loss to your contents at your home and whilst temporarily removed from your home. So if you handbag and laptop are stolen from your car – you are covered.

Most of your contents will be replaced with new items at claim time.

The following lists items that are always limited to their Present Day Value:

  • items which you have decided not to replace or repair.
  • books, audio visual equipment and computer software
  • clothing, footwear and household linen
  • bicycles, sporting or camping equipment (however golf clubs and bags are covered for replacement value)
  • computer hardware over 5 years of age
  • remotely piloted aircraft over 2 years of age
  • spare parts, accessories or associated equipment of watercraft, motor vehicles, motorcycles, caravans, trailers, aircraft or other aerial or spatial devices that are not in or on them

You also have the option of specifying higher value items.  Unless you have specified the item, the following is the maximum amount you can claim for each item:

Jewellery & Watches: $3,000 per item
Camera or Camera Equipment: $3,000 per item
Bicycles: $2,000 per bike
Remotely Piloted Aircraft: $3,000 per aircraft
Watersport Equipment: $2,000 per item
Money, bullion, stones, bank cards: $1,000 total
Collections (Stamps, medals, coins): $3,000 per collection

If you own a lot of jewellery, that is less than $3,000 per item; the most we will pay in total for any one event of loss to unspecified jewellery/watches is $15,000.

IMPORTANT: This is a summary of the policy contents cover and limits only. Please refer to the Initio contents insurance policy NZ1811 for full details of cover.