See below for a summary of the good, the improvements, and the not so good.
Up to $10,000 of cover is available per annual period for a new structure valued at $10,000 or less being built at the home, including any associated materials that are to be included in the new structure. Covers loss or damage caused by specified events only. Please contact us if you need separate cover for building work that falls outside of the above criteria.
If we pay a total loss claim for the home, we’ll also pay you $1,000 for stress caused by the loss.
Up to $1,000 of cover is available per annual period towards unblocking water or sewerage pipes at the home. No excess applies.
If your electronic equipment suffers loss or damage covered under the home section of this policy, you’re also covered for the reasonable cost of restoring, re-setting or re-programming programs, software and other coded instructions necessary to operate that equipment. There’s no cover for any data that may be stored on that equipment.
The maximum amount payable during an annual period for your home’s keys and locks is $1,000. No excess applies.
Under the home section of this policy, up to 10% of the relevant policy limit or sum insured is available as additional cover if building costs increase due to widespread damage following a natural disaster, storm or flood.
Additional Benefits for landlords (in addition to existing benefits for malicious damage):
The excess has changed from minimum $500 to the standard policy excess.
Learn more about landlords protection here
The following items are covered for present value only:
For all other items we’ll either pay:
There is no cover for personal effects, and cover only applies at the home or whilst you are transiting items from your permanent residence or its place of purchase.
Learn more about contents cover for holiday homes
Where the home has been vacant for more than 60 consecutive days we continue to provide insurance cover but with a higher than standard excess ($5,000). If you have an active, professionally-installed alarm, the excess reduces from $5,000 to $1,000. Under the old policy the alarm excess was $2,500.
Your legal liability cover of up to $2,000,000 for damage to another person’s property is extended to cover liability for another person’s accidental death or bodily injury in connection with your home or its grounds. The limit is now GST inclusive. Defence costs you incur with our prior approval are now covered on top of this. Clarification that there’s no cover for liability in connection with seepage, pollution or contamination, unless it occurs during the period of cover and is caused by a sudden and accidental event that occurs during the period of cover.
Fitted floor coverings, including glued, smooth edge or tacked carpet and floating floors are defined as part of the home under the policy and now covered for replacement (new for old).
Following damage to your home for which a claim is payable under the home section of this policy or by the Earthquake Commission, the sums insured are reduced from the time of the loss by the amount required to repair the loss. When payments are applied to the repair of the home, the sums insured are reinstated.
All amounts shown are inclusive of Goods and Services Tax (GST).
Cover for outbuildings used for domestic purposes now extends to outbuildings that may have limited rural lifestyle use, i.e. for the storage of tools, animal feed, uninstalled equipment or machinery and vehicles only.
Your policy no longer covers the disposal of tree debris following damage to your home or contents caused by a falling tree or part of a tree.
The maximum amount payable to restore your garden or lawn has reduced from $3,000 to $2,500. Cover applies only where a claim is payable for damage to the home and the landscaping damage occurred during the same event.
There is now a sub-limit of $45,000 for all recreational features (tennis courts, pools etc) and a sub-limit of $25,000 for all retaining walls, unless these items are specified with a higher limit as shown in your schedule. More details here
We continue to provide cover for meth however the maximum amount payable for cleaning or repairing the house and its contents damaged by methamphetamine contamination (manufacture and consumption) has reduced from the house sum insured to the amount shown in the schedule, currently $30,000. An excess of $2,500 applies to each claim. There are additional conditions and limitations for tenancies or occupancies of 90 days or less. Learn more about meth here
This section outlines the increased standard of care that is now required of landlords. To make a valid claim on a tenanted property, you’ll need to have fulfilled these obligations.
The inspection and monitoring requirements must be met from when your policy renews. The updated tenant-vetting requirements will only apply to new tenancies that commence after your policy renews, not to your existing tenants.
You’ll also need to test for methamphetamine contamination before and after each tenancy, in order to be covered for methamphetamine contamination-related liability as a landlord. Learn more about landlord obligations here
Previously you had the option to insure the contents of your holiday home for present value or replacement value. To simplify things we have introduce a single option for contents cover on holiday homes.
This means that if you previously had replacement contents cover at your holiday home there will be some changes to your cover.
This is not an exhaustive or comprehensive list of the changes to the policy but rather a high level summary. For full details of cover, benefits, conditions, and exclusions please see the policy document Initio landlord and holiday home policy NZ1811