Search results for: {search_term_string}/get-quote/house-insurance-calculator

Yet again initio.co.nz has featured in the New Zealand Property Investor Magazine.   The magazine produces an annual rental property insurance comparison.  A table in the magazine compares providers of rental property insurance; among other things comparison is made against

1.  Landlord insurance extensions such as malicious damage, loss or rents, landlords contents.

2.  The insurer and its related financial strength

3.  Price (ie premium)

In the main initio.co.nz ranked favourably on all levels of cover.  The initio policy extensions provide our clients with robust landlord insurance cover, some of the best in NZ.  We encourage you to have a look at the magazine for yourself article for yourself in the August 2013 edition of the New Zealand Property Investor.

for the Second year in a row, as well as providing extensive cover, the NZ property investor magazine verified that that initio.co.nz premiums are the most competitive Rental Property Insurance premiums in New Zealand (at time of publishing).

We have ALWAYS said that buying online benefits our customers.  Its paperless, its paid for online, and its efficient …. which means our customers benefit with insurance premium savings.

Landlord insurance for your rental property online with initio.co.nz

Effective July 1, 2024, the Earthquake Commission (EQC) transitioned to the Natural Hazards Commission, also known as NHC Toka Tū Ake, under the new governing legislation, the Natural Hazards Insurance Act 2023. This Act replaces the Earthquake Commission Act 1993.

What does this mean for homeowners?  If you’re paying your natural hazards cover levy it will ensure any new claims for natural hazards damage that occurred on or after 1 July 2024 will be managed under this new Act. Everything will remain the same when the time comes to make a claim. Below is a summary of the key changes taking place from July 1st.

Continuity of role and responsibilities

Despite the name change, the organisation’s role remains unchanged: to support New Zealand in preparing for and recovering from a variety of natural hazards. These hazards include earthquakes, tsunamis, landslips, volcanic activity, hydrothermal activity, as well as storms and floods. New Zealand is one of the only countries in the world with access to residential land insurance, provided by the Natural Hazards Commission. This cover, called NHCover, is generally a contribution to repairs, and you can’t buy extra land cover through your insurance provider.

The NHI Levy gives you access to NHCover

Anyone with a valid private insurance policy that includes fire coverage pays the NHI levy through their private insurance premium. This levy grants access to NHCover, which provides the first layer of protection for your home and certain areas of land under and around it.

Making a natural hazards claim from July 1, 2024

What does this mean for making a claim? The new Act will apply to claims for natural hazard damage to residential properties occurring on or after July 1, 2024. Any damage occurring before this date will be covered under the Earthquake Commission Act 1993.

Claims handling process

How will claims be handled?  NHC Toka Tū Ake will continue to delegate the handling of NHCover claims to private insurance providers, so that you have a single point of contact. For initio customers, this means that your NHCover claims will be handled by our underwriter, IAG New Zealand Limited.  You will still lodge your claim to initio online and we will still be your point of contact for your NHCover claim unless you choose to engage with IAG New Zealand directly.

If you need to make a claim or have questions about your cover, please contact us.

Useful links

• What you need to know about the natural hazards insurance act (external link)
• Get to know your natural hazards cover (external link)
• Am I covered for natural disasters?
• What is Natural Hazards Commission (NHC) cover?

From a bold idea to a bigger future

If you’ve been with initio for a while, you’ll know we like to do things differently.
What started as two mates – Sam and Rene – deciding they would have a crack at building an online insurance platform from scratch has grown into one of New Zealand’s most trusted ways to insure homes and rentals. We’ve picked up awards, earned more than 4,500 five-star reviews, and built a team that’s proud to make insurance simple, fast, and transparent for thousands of Kiwis.

Rene Swindley & Sam Brook, co-founders of initio.

We’ve always believed insurance could be smarter – that you shouldn’t have to wait on hold, fill out endless forms, or wonder what your policy actually covers. So we built technology that made it easier.

Taking the next step, together with IAG New Zealand

Now, we’re entering a new chapter.

Our long-time underwriting partner, IAG New Zealand (through its NZI brand), has taken a 49% ownership stake in initio. We retain 51%, with our local leadership team – the same crew you know – still running the business and steering our direction.

This partnership builds on more than a decade of working together and reflects IAG’s confidence in initio’s technology, innovation, and customer experience model. It’s a vote of trust in what we’ve created – and in where we’re headed.

We’re proud of our team, the innovation that flows through the business, and the recognition that comes with hard work.

What this means for you

Let’s make this simple: if you’re an existing customer, nothing changes – your policy and cover stay just as they are.

You’ll still:

• Use the same website and dashboard you already know
• Get instant quotes and manage your cover online
• Talk to the same friendly, local team
  

What does change is what we can do next. With IAG NZ’s support, we’ll keep growing and improving the platform – rolling out smarter tools, faster claims, and more features designed around you.

Building something new for New Zealand

As part of this partnership, initio will power a new digital NZI agency for brokers – built on our platform. It’s the first of its kind in New Zealand, and maybe even the world.

Globally, traditional broker-sold personal insurance is shrinking – in places like Australia, it’s almost vanished. But this new approach flips the model.

Customers of brokers will be able to enjoy the ease of a direct digital platform while still getting advice and support from their broker behind the scenes. It’s the best of both worlds – personal service meets digital convenience.

Why IAG NZ invested in us

IAG NZ is New Zealand’s largest general insurer, known through brands like NZI, AMI, and State. They:

• Insure one in every two Kiwi households
• Protect over NZ $1.07 trillion in assets

Their investment combines IAG’s scale and underwriting strength with initio’s agility and innovation – unlocking opportunities for smarter platform features, data-driven pricing, and real-time policy visibility.

It also marks a broader trend in the industry: insurers partnering with insurtechs to deliver better experiences for customers.

The heart of initio stays the same

We might be growing, but what makes initio special hasn’t changed.

We’re still a New Zealand-owned and led insurance provider. We still pick up the phone, fix problems fast, and obsess over making things simpler.

Whether you’re already insured with us or just getting to know us, our focus is the same – helping Kiwis protect what matters most.

Looking ahead

With IAG NZ’s backing, we’re in the strongest position yet to keep innovating for Kiwi homeowners and landlords.

Thanks for being part of our journey so far. We couldn’t have done it without you.

Still here when you need us

No matter how much we grow, getting help from us will always stay simple. You’ll still reach our friendly local team whenever you need support.

Smart moves, part III

In this third instalment, we shift gears from payment strategies to practical protection. Graeme Fowler shares the habits that help landlords avoid disputes, speed up claims, and stay on top of their obligations, starting with inspections.

How important are regular inspections?

“Very. You should be inspecting every three months, no excuses. If something goes wrong and you can’t show a pattern of regular checks, you could run into problems during a claim.”

Graeme says inspections aren’t just about identifying damage, they’re also about proving you’ve taken reasonable steps to manage risk. This becomes especially important if a claim is disputed or complex.

What kind of documentation helps at claim time?

“Keep your paperwork tidy – inspection reports, tenancy agreements, anything that proves what’s happening at the property. When you do need to make a claim, it makes life much easier.”

Graeme has seen how missing or disorganised documents can cause claim delays – or worse, denials. His approach: prepare like you’ll need it, even if you never do.

From initio: Quarterly inspections are a requirement under our landlord policy. We recommend keeping clear records and photos. While we don’t currently offer a document upload feature, we suggest using a service like myRent to store these securely. As well as acting as a digital filing cabinet, myRent also helps with tenant communication, rent collection, inspection reminders, and more – making it a handy tool for busy NZ landlords. They also offer helpful guidance on how to handle your first routine inspection. Learn more about your obligations as a landlord here.

Any other overlooked mistakes landlords should avoid?

“Choosing a really low excess thinking it’s safer. But it often just means you’re paying more in premiums – and if you’re unlikely to claim, it doesn’t make sense.”

Graeme says newer landlords sometimes prioritise a lower excess out of caution, but over time that strategy can backfire.

From initio: You can update your excess at any time through your online policy dashboard. We’ll show you the premium difference in real time so you can make an informed choice.

What about monthly payments?

“They’re convenient, but they tend to cost more. If you can pay annually, do it.”

While this topic was covered earlier in the series, it’s worth reinforcing: consistent cost-saving habits (like paying annually) make a difference when you own multiple properties.

From initio: Annual payments are the most cost-effective option. We clearly show the difference between monthly and annual payment on our quick quote tool, so you can choose what works for you.

Coming up next in the Smart Moves Series:

How to think about risk – why location isn’t everything when it comes to insurance.

Want the quick version?

We’ve pulled together the key takeaways from this series into our Landlord Insurance Fundamentals Guide—including a bite-sized version of our interview with Graeme Fowler. It’s a great place to start if you’re after a practical overview of insurance essentials for NZ landlords. Read it here

Related articles:

• Landlord insurance guide
• Why insurance is non-negotiable. Smart moves, part I
• Smart strategies for premium, excess and payment timing. Smart moves, part II
• Your first routine inspection (myRent)

Winter Checklist 2023

As the winter months approach, it’s important to be prepared for the potential risks that come with the season. At initio, we’ve observed a significant increase in claims during winter, mainly due to storms, flooding, water damage, and residential fires. With this in mind, we’ve compiled a comprehensive checklist to help you enhance the safety of your rental property and protect your tenants this winter:

Clear and Maintain the Guttering:

Regularly clean and clear the gutters of debris to ensure proper drainage. This preventive measure helps minimise the risk of water damage caused by overflowing gutters during heavy rainfall.

Secure Outside Structures:

Ensure that any external structures, such as trampolines and children’s play equipment, are securely fastened to prevent them from being dislodged and causing damage during storms.

Trim Trees and Remove Overhanging Branches:

Trim tree branches that hang over your property and keep them well-maintained. This practice not only helps keep the gutters clear but also reduces the risk of branches breaking off and causing damage to your home during strong winds.

Check and Repair Window Joinery:

Inspect window joinery and promptly repair or replace any loose latches. This ensures that windows can be securely closed, preventing drafts and maintaining a warm interior during the colder months.

Assess and Secure the Roofing:

Regularly inspect the roof for loose tiles or iron sheets, and promptly arrange for their repair or replacement. This preventive action helps safeguard your property against water leaks and structural damage.

Clean Chimney Flues and Service Heat Pumps:

Annually clean chimney flues and ensure that heat pumps are serviced and cleaned regularly. This proactive maintenance prevents the risk of fires and ensures that heating sources operate efficiently, providing a safe and comfortable environment for your tenants.

Consider Installing Safe and Efficient Heating Sources:

Explore the possibility of installing safe and energy-efficient heating sources, such as heat pumps. Tenants may be willing to pay a higher rent in exchange for the added comfort and reduced utility costs.

Remove Curtains from Kitchen Windows:

Consider removing curtains from kitchen windows as they can serve as a potential fuel source for fires. Opting for blinds or window treatments made from fire-resistant materials can be a safer alternative.

Promote safe cooking practices: 

Insist that tenants use camping-type gas cookers outdoors only. Indoor use of such cookers poses both a fire hazard and a health risk.

Test Smoke Alarms Regularly:

Regularly test smoke alarms during property inspections. If tenants are prone to removing batteries, consider replacing them with newer models that have sealed 10-year batteries, minimising the chances of non-functioning smoke alarms.

Check Power Points for Overloading:

Inspect power points for overloading, as faulty power boards are a common cause of fires. Install additional power points where necessary to distribute electrical loads evenly and reduce the risk of electrical fires.

Verify Ceiling Insulation around Downlights:

For properties with downlights installed prior to 2012, check that the ceiling insulation has the appropriate spacing around the lights. This step helps prevent overheating and potential fire hazards.

As you can see in the below graphs, Autumn is when we experience the most Flooding & Rain claims compared to other seasons. It’s also the second highest month for Storm & Wind related claims. So, it’s the perfect time of year to go through the checklist mentioned above to make sure you and your property stay safe.

While having comprehensive landlord insurance acts as a ‘safety net’, it is always best to be proactive in protecting your investment. By implementing this checklist, you can ensure a trouble-free winter for both your property and tenants. Stay ahead of the risks and enjoy the peace of mind that comes with a well-prepared and secure home.

As a landlord, you work hard to provide safe and comfortable homes for your tenants. But were you aware that a significant portion of rental-related claims stem from criminal activity?

In 2023, 14% of the claims we processed at initio were related to criminal actions, such as malicious damage, methamphetamine contamination, and burglary. These incidents not only cause stress and financial strain but also unexpected expenses for landlords.

Burglary and theft

As a part of the criminal activity, 30% were related to burglary and theft. This can be a common issue, especially when a rental property is occasionally vacant, making it an easier target due to the absence of people within the home. 

Your property being empty for over 60 consecutive days will change your policy terms, and a higher excess of $5,000 will apply if you need to make a claim. You can reduce this excess to $1,000 with an audible alarm system that’s professionally installed. This helps especially if there’s damage because someone tried to break into your home. If you’re expecting your property to be vacant for reasonably long periods – beyond 60 days, get in touch with us.

Just over 41% of burglary-related claims we received last year were related to theft of copper piping, plumbing, or hot water cylinders! 

Not only does this result in stress for landlords to replace these items, it also results in a hefty bill to cover, as well as a potential loss of rent. The average cost for the accepted claim, relating to repairs for our clients last year was just over $8,000.

Our policy offers an automatic benefit for malicious damage, or theft by tenants. 41% of rental-related claims were paid out through our automatic benefit.  You can enhance property security with locks and lighting to deter burglars. Consider installing surveillance cameras or alarm systems and maintaining your property adequately. This will help it look lived in as well as deterring unwanted activity. 

Malicious damage

Of all the rental-related claims we received throughout 2023, 24% were related to malicious damage. Such damage can occur throughout a tenancy, but we saw 31% of these claims stemming from eviction.  In this stressful scenario, landlords face the dual challenge of evicting a tenant as well as addressing significant property damage. These types of claims result in an average claim cost of just over $9,000 – an expensive, and unexpected type of bill! 

Fortunately, our landlord cover offers an automatic benefit of $25,000 per event, for claims resulting from malicious damage caused by tenants. Make sure you conduct thorough tenant screenings through reference checks, credit checks and tenancy tribunal history. Also, establish clear lease agreements to minimise risks of eviction-related damage.

In the event that a key is lost or stolen, you can take action and replace it, and Initio’s policy has a benefit designed exactly for this! This will help minimise the risk of someone returning while it might be vacant. With our landlord policy, we offer an excess-free keys and locks benefit – where we cover up to $1,000 for the replacement of keys and locks.

Methamphetamine contamination

While not common, this is a costly issue. Across all the criminal activity-related claims that occurred in rental properties in 2023, just over 11% of these claims were related to methamphetamine contamination. While this represents a small percentage, it is the most costly and widespread type of incident to affect your rental property, with an average cost of just over $20,000. Since your property cannot be tenanted when this sort of situation occurs, you as a landlord, will also suffer from loss of rent, another cost that heavily affects you. 

Initio’s landlord cover includes an automatic benefit of $30,000 for methamphetamine contamination which will cover the testing, and cleaning costs in the event of a contamination taking place. We also offer an automatic benefit of $20,000 for loss of rent, which can be increased. We are prepared to cover you for this criminal activity as we understand the costs – and time it can take until your property is thoroughly cleaned.

Regular property inspections can help detect early signs of drug-related activity. Also performing reference checks, as well as tenancy tribunal history will help determine in the early stages if they will be good tenants. 

Arson

While we only saw one claim relating to arson last year, it can also be the most expensive rental crime-related claim we pay for. This is because a house fire causes extensive damage, which can affect the overall structure of your property. To mitigate this risk, install smoke detectors and fire extinguishers. You could also provide a fire blanket, an invaluable tool for smothering fires. It’s a good idea to have fire safety equipment easily accessible, offering tenants a quick solution to douse flames before they spread.

Check your sum insured

In tough times, lowering your sum-insured to reduce your premium might seem appealing. However, this could lead to ‘under-insurance,’ a risky strategy that could backfire if significant damage occurs. Insurance is there to put you back in the position you were in before any mishaps, and cutting corners on your sum-insured might leave you short when you need support the most. We have seen the occasional customer not having their property fully insured for the right amount. This creates large amounts of stress, so we always recommend reviewing your sum-insured yearly, at the renewal of your insurance policy. 

Initio, your partner in landlord insurance

Initio is dedicated to helping New Zealand landlords safeguard their rental properties against unforeseen events. By understanding the potential criminal activities, or accidents, that can impact your investment, you can take proactive steps to protect it. With our comprehensive landlord cover, you can enjoy peace of mind knowing that your property, and your financial well-being, are protected.

Let initio be your partner in navigating the challenges of rental property management. Our goal is to provide the protection and support you need to ensure your rental homes remain safe, secure, and profitable.

FOR MORE INFORMATION

• IAG article about sum insured
• Canstar article about building costs in New Zealand

ARTICLES OF INTEREST:

• Calculate your sum insured
• What are my obligations as a landlord?
• Is my house insured for fire?
• Minimising fire risks in rentals year-round
• Can I hold my tenant responsible for damage?
• Is my rental property covered for meth?

The statistics presented in this article are based on a comprehensive analysis of claims data from initio for the calendar year of 2023, spanning our entire rental claims portfolio. Please note that all figures are approximate and have been calculated to provide a representative view of the claim trends during this period.

More options online with Initio

Here at Initio, we’re all about making insurance affordable and easy to manage, which is why you can now insure your own home and contents online with Initio!

This is an exclusive offer, only available to customers of Initio who currently insure their Rental Property(s) or Holiday Home.

Why insure my Home and Contents with Initio?

• You get access to comprehensive replacement cover (just like on your rental or holiday home)
• Access to the same competitive pricing you have already experienced
• Save time by purchasing cover online
• Enjoy responsive claims service
• Bundle all your properties together for easy viewing/tracking online
• Up to $220,000 of replacement contents cover available
• Ability to specify your high value items, such as jewellery, photography equipment, bicycles or collections.

If you choose to take up this option, not only will you enjoy the same competitive pricing offered with online insurance, you’ll be safe in the knowledge that your property is covered by a specialist insurer with your needs in mind.

How can I find out more?

You can get a quote straight away by logging in to your dashboard, and selecting the new “Insure My Own Home” button at the bottom of the page.

As with all Initio cover, the policy is backed by IAG New Zealand with a financial strength rating of AA (Strong), meaning that you can rest easy with the knowledge that there is solid financial backing to your own home and contents.

Useful Links
Buy House Insurance Online

Do you ever get that sinking feeling that your claim might be denied? Do not worry, we’ve got your back! Here at initio, we’re here to help make sense of insurance claims.

Picture this: your furry friend decides to redecorate your living room by adding some stylish chew marks to your carpet. But then you realise the repair bill is more jaw-dropping than the damage itself. Perhaps a car drives into the side of your house, or maybe you accidentally run over your golf clubs with your lawn mower.

Do you file a claim? Absolutely!

As your trusty insurance provider, it’s our job to come to the rescue. Paying claims is what we do best – it’s practically our superpower! Which is why we have made this process as easy as possible.

Our tech-savvy system, which we call Smart Claims, guides you through each step, asking all the right questions and ensuring that the info you provide is spot-on. The Smart Claims technology is all about putting people first and making the claims process as easy and fast as possible.

Here’s something to keep in mind: if you’re ever unsure about filing a claim, it’s always worth going ahead. Our smart claims platform will guide you through all the relevant questions we need answered. This means that when it comes time to process your claim, we have all the details we need. 

There might be times we’ll need more information from you, but these instances are few and far between. It’s also worth mentioning that you can never have too many photos or documentation. The more evidence you can provide, the smoother the process will be in the long run.

At initio insurance, we’re not just about policies and premiums – we’re about making your life easier, because let’s face it, who doesn’t love a hassle-free insurance experience?

USEFUL LINKS

• Understanding claims with initio
• How to lodge a claim
• Common Customer Claims

You might not give your bathroom heater much thought, but if it’s a Serene S2068 model, it’s time to pay attention.

MBIE recently reminded Kiwis that 28,000 recalled heaters are still installed in homes, despite a compulsory recall issued last year. These wall-mounted bathroom heaters pose a serious fire risk, and fires linked to these units have already occurred.

If you’re a homeowner or landlord, it’s important to check your bathrooms (and any properties you’re responsible for) to see if you have a Serene S2068 bathroom heater. If you do, turn it off immediately and contact the supplier you bought it from. MBIE’s full recall details can be found here.

Why this matters for insurance

Beyond the obvious safety risks, there are also insurance implications. According to MBIE, the Insurance Council of New Zealand has advised that damage from a fire caused by these recalled heaters may not be covered, especially if you have knowingly disregarded the official recall instructions.

At initio, we want to make sure our customers stay safe and covered. That means staying informed and proactive when it comes to known risks like this one. If you’re aware of a product recall and choose to ignore it, you could jeopardise your cover if something goes wrong.

What you should do now

• Check your bathroom heater. If it’s a Serene S2068, stop using it.
• Spread the word. Tell friends, family, and tenants to check theirs too.
• Act quickly. Contact the supplier or an electrician to safely remove the heater.

Being aware of risks like these is part of being a responsible property owner, and it helps protect not just your home, but your insurance cover too.

OTHER ARTICLES

• Minimising fire risks in rentals year-round
• Is my house insured for fire?

The recent case of a rented dwelling being fire damaged by a tenant serving home detention has brought to light serous issues for property owners.

As things stand there is no legal responsibility for tenants to disclose to their landlord that there is anyone living at the address that is serving home detention. This may cause complications for property owners if the property is damaged and they try and claim on their insurance cover.

Initio Insurance, who operate a dedicated online rental property underwriting agency, is concerned that this non-disclosure could mean landlords fall short of their insurance obligations to notify their insurers of all material facts. Material non-disclosure is one of the leading reasons why insurance claims are declined.

Rene Swindley, Managing Director of Initio, states that “property owners make a significant investment in their properties. It is for this reason that landlords need to apply greater vigilance to discover who is actually tenanting their property”. As a landlord it is important to notify the insurer of any information that may affect the insurance. “We suggest that landlords incorporate this notification process into their regular property inspection and review program”.

Its that time of year again. The clocks have been moved forward and we are now closer to summer.  If you have a holiday home its important that you protect everyone who may stay by maintaining your smoke alarms.

1.  Clean smoke alarms to ensure they are free from dust and cobwebs.

2.  Test smoke alarms to make sure they are operational.

3.  Replace batteries if they are more than 1 year old.

If you own a rental property, make smoke alarms a part of the property inspections performed at your property.  You are protecting a major asset and the safety of your tenants.  We recommend you go a step further a supply smoke alarms and replacement batteries to all properties you own.

While having good rental property insurance and holiday home insurance is an essential ‘safety net’, its always best to be proactive in protecting your property.  Initio Rental Property Insurance is one of the only specialist rental property and holiday home insurance providers in New Zealand.  Initio knows rental insurance.

Have you ever wondered what you would do if you had a claim on your property? At initio we have compiled a step by step guide to help you navigate making a claim.

Step 1. Secure your Property

Take care of yourself and your property to prevent further loss or damage, if you need to, contact emergency services such as fire or police.

Step 2. Make a Claim

Login to your initio dashboard and click ‘make a claim’ answer the questions and upload any relevant documentation such as receipts, quotes, police reports, and photos. If you have any additional details or forget to send something initially, you can email it to us: [email protected]

If your claim is urgent and you need to speak to someone, call 0800 763 929, or 0800 560 333 outside business hours.

Step 3. Leave it to Initio

Our Claims Manager will be in touch with the next steps. If required we may send an assessor to your property to review and assist with the claim process.

Step 4. Contact Details

Keep an eye on your emails and initio dashboard for claims updates and notifications. Make sure that we have the contact details for your tenants and property manager in case we need to liaise with them directly to arrange access.

Step 5. Practical tips

Here are some other things you can do, to assist initio in getting your claim resolved quickly.

• Take photos of the damage, if your claim is straightforward we might be able to use these to assess your damage.
• If you have water damage, contact JAE on 0800 225 552 (or another commercial drying company) to arrange cleaning and drying.
• Arrange for a repairer to view the damage, report on the cause (if they’re able to) and provide a quotation to repair.
• Provide us with receipts, or model numbers for items that are damaged or stolen.
• Three monthly property inspection reports are required for contamination or deliberate damage by tenant claims.
• If you are claiming for loss of rent we will need a copy of the tenancy agreement.

Learn more about how to make a claim with initio

Your initio home insurance policy covers sudden, accidental damage to your home. An insurance policy is designed to help you recover from unexpected losses that can not be prevented.  It is not a maintenance contract, and is not designed to cover wear and tear.

With any insurance policy there are losses that are uninsurable. If an insurance policy covered absolutely everything, it would be unaffordable. One of these uninsurable losses is  mildew, rot, corrosion, rust or gradual deterioration.

Gradual deterioration is damage that occurs over time, and based on the above statement would not be covered by your policy. However, the initio policy includes an extension for ‘Hidden Gradual Damage’ which gives you back some cover.

What does the Hidden Gradual Damage Extension Cover?

Initio’s Hidden Gradual Damage Extension covers you for the resultant damage caused by water accidentally leaking or overflowing from an internal water pipe at your home. It is important to note it does not cover the costs to repair the leak; with our consent we will cover the cost to locate the leak. The maximum amount we will pay under this extension is $3,000 including GST.

Example of Hidden Gradual Damage

You notice that the carpet in your bedroom is wet, upon further investigation you discover that water is coming from an adjoining bathroom. A plumber removes the wall lining to locate the source of the leak, discovers a leaking pipe and repairs the leak. You lodge an insurance claim online, and a drying company (such as Jae’s) are sent to dry out the flooring. A builder is instructed to repair the hole in the wall lining, arranges for a plasterer and painter to complete the job. For the purpose of this example you have a $400 excess.

What costs are claimable?

So, How much will I get paid?

While the total repair costs are $4,300, the total claimable costs are $3,200. As the maximum amount payable under the Hidden Gradual Damage extension is $3,000. In this example initio will cash settle you $2,600 ($3,000 limit less your $400 excess) directly to your nominated bank account.

At Initio we use our technology to pay claims. We’ve made it our mission to cut the nonsense and pay claims fast. Our best yet is money in a customers bank account within an hour of us opening the claim. We call this the initio 6 star experience.