Below is a summary of the good, the improvements, and the not so good.
If you are only claiming for the accidental breakage of glass (windows and doors) or sanitary fixtures (such as sinks and baths) a reduced excess of $250 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. This limit applies across all keys and locks cover you may have under this or any other policy with NZI.
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.
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.
If we pay a total loss claim for the home, we’ll also pay you $2,000 for stress caused by the loss. This limit applies across all stress payment cover you may have under this or any other policy with NZI.
If your home is a total loss, we will pay up to $15,000 to upgrade your home with sustainable products. Examples of sustainable products include solar water heating, rainwater collection tank, and environmentally friendly paint.
Up to $500 of cover is available per annual period towards unblocking water or sewerage pipes at the home. No excess applies.
Loose floor coverings (such as rugs) are defined as contents under the policy. Fitted floor coverings, including glued, smooth edge or tacked carpet and floating floors are defined as part of the home under the policy – previously only glued floor coverings were included. You may wish to check the sums insured of your home and contents are adequate, taking this change into account.
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.
If your home can not be lived in due to a loss to the home, which is covered by this insurance policy or by EQC; we will pay for you and your domestic pets to stay in alternative accommodation, up to $20,000.
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. The outbuildings must be within the residential boundaries of the insured property.
Your legal liability cover has reduced to $1,000,000 for damage to another person’s property, but has been extended to cover liability for another person’s accidental death or bodily injury in connection with your home or its grounds. The limit is 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.
Where the home will be vacant for more than 60 days you will need to let us know or we will only pay for a loss that is caused by fire, explosion, lightning or natural disaster
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. This payment is now in addition to any other payment under this policy. Now, cover applies only where a claim is payable for damage to the home, and the damage to the garden or lawn occurred either in the same event or during the subsequent repair of the home.
There is now a sub-limit of $45,000 for all recreational features and a sub-limit of $25,000 for all retaining walls, unless these items are specified with a higher limit as shown in the schedule. Learn more about recreational features and retaining walls.
The following items are covered provided they are primarily for domestic use, although they may have limited rural lifestyle use:
There’s no cover for any of the above items with a higher replacement cost, unless they’re specified with a higher limit as shown in the schedule.
IMPORTANT: 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 home policy NZ1811