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A, B, C’s of Insurance




Accidental Loss

Initio provides cover against sudden, accidental damage to your insured property. An accident is an event that is unintended and unforeseen.


Body Corporate

When units are governed by a Body Corporate, all units must be insured together. Insurance is arranged by the body corporate secretary not individual unit holders.



Initio offers 2 types of contents cover – Landlord and Holiday Home Contents which provides replacement cover for items under 5 years of age and Comprehensive Contents for owner occupied homes which includes cover for personal effects.



Depreciation is the reduction in value due to wear and tear and time. Even with a replacement policy, certain items, such as clothing, will be subject to depreciation.



EQCover is the Earthquake Commissions natural disaster insurance that is automatically included with every domestic house and contents fire insurance policy. It is funded by a compulsory levy that costs $276 (inc GST) per year.



Fire and Emergency NZ is mainly funded by a levy on contracts of insurance where property is insured against the risk of fire.  FSL is the Fire Emergency Levy (previously Fire Service Levy) that is included with every domestic house and contents fire insurance policy. The cost is $146.28 (inc GST) per year.


Gradual Damage

Hidden Gradual Damage is a $3,000 sub limit to cover damage caused by water which accidentally leaks or overflows from an internal water pipe. It doesn’t pay to repair the leak, just the resultant damage. Generally, mould and gradual deterioration is excluded from the policy, this sublimit gives back some cover.


Holler v Osaki

The High Court ruling on this case prevents insurers from pursuing residential tenants even if they are believed to be liable for causing damage to the property. The Court of Appeal upheld the decision so that a residential tenant enjoys the benefit of his or her landlord’s insurance and is therefore immune to legal claims in relation to property damage caused by the tenant that is covered by that insurance.


Indemnity Value

Indemnity Value refers to the value of the item, considering the age and condition of the item immediately prior to the loss. It is also known as the present day value. Payment of indemnity value is designed to put you back in the same position you were in before the loss occurred.


Jewellery & Specified Items

Some items, such as jewellery, are limited to a maximum amount. To insure these for more than the limit ($3,000 for jewellery) you will need to specify these which can be done by making an alteration to your policy.


Keys and Locks

Where any key giving access to your home is lost or stolen, you can claim for the costs to replace the keys or locks up to $2,000.



Legal liability is when you’re legally responsible for damaging someone else’s property.  For example, if your unmaintained, unstable chimney smashes onto your tenant’s car, you are liable, or legally responsible for the cost of repairing the car.


Malicious Damage

Malicious Damage refers to damage that has been intentionally caused to your property.



Non-Disclosure is the failure to disclose a fact which is material to the acceptance of the insurance by the Insurer. The duty of disclosure doesn’t just apply when you take out your insurance. If something happens at any time that you think we should know about, then you need to let us know.


Owner Occupied

An Owner Occupied home is the owners main home. It is not rented out and will generally include replacement contents and personal effects.


Pre 1945

Older homes built before 1945 are a higher insurance risk. Before we will offer to cover your house, we will request that you complete a declaration confirming what renovations have been completed, and when they took place.


Quantity Surveyor

A Quantity Surveyor can assist you in calculating your house sum insured by determining the cost to rebuild your hose. Quantity Surveyors are specialists in determining building costs.



If you have had a claim accepted for damage to your rental property and the house is unliveable you can also claim for your lost rental income.



A Cash Settlement is the amount the insurer offers to you close the claim rather than the insurer managing the rebuild or repair.


Total Loss

A loss where it is uneconomical to repair the item. The Insurer will generally pay the the replacement or indemnity value of the damaged item limited to the total sum insured.


Under Insurance

A situation where the sum insured is less than the value of the item insured. If you had a large claim the insurer would cash settle and you could be left out of pocket.



A Market Valuation will let you know the amount you are likely to receive if you sold your house now. An Insurance Valuation will let you know the cost to rebuild your home in the event of a total loss.


Working from Home

If you have a home office and work from home the policy includes some cover for your home office.



An excess is the portion of the insurance claim which you are responsible for paying. It is usually the first part of the loss claimed. The value of the excess is determined when you take the policy out. It can be changed via an alteration or at renewal.


Yearly Premiums

Paying your insurance in full every year is the the most cost effective option and has traditionally been the only option when insuring with initio. However 2019 looks to be the year that you will finally have the option of paying monthly.


Zombie Cover

Unfortunately in New Zealand you can not offer insurance for an event that is unlikely to occur. New Zealand seems to think that we are immune to Zombies therefore we are unable to include cover for a Zombie Apocalypse with your home and contents insurance. (Yes we really did try).