House Insurance
The best House Insurance policies provide the following coverage:
- Wide “Accidental Damage” cover as opposed to “Specified Perils” coverage
- Cover for the replacement cost, up to your sum insured, to rebuild your house to the same size and materials following loss or damage occurring for which there is cover under the policy
- A Gradual Damage Extension covering certain hidden gradual damage
- Cover for Alternative Accommodation costs if you are unable to occupy your home as a result of insured loss or damage occurring
- Cover for Loss of Rent if your home is tenanted and is unable to be occupied as a result of insured loss or damage occurring, if your home is tenanted
- Cover for Landlord’s Fixtures and Fittings such as carpets and drapes, if your home is tenanted
- Owners Liability cover – insuring your liability as a home owner for third party property damage and/or personal injury you may cause.
CONTENTS INSURANCE
The best Contents Insurance policies provide the following coverage:
- New for Old Replacement cover for the majority of your contents items
- High individual specified item limits on items such as jewellery, bikes, cameras etc
- A Gradual Damage Extension covering certain hidden gradual damage
- Cover for Alternative Accommodation costs if you are unable to occupy your home as a result of insured loss or damage occurring
- Personal Liability cover – insuring your personal liability if you cause third party property damage and/or personal injury anywhere in New Zealand
Pitfalls
Personal Insurance such as home and contents insurance is often seen as an un-complicated type of insurance and there are many direct insurers who will provide this insurance. However, like any insurance, it is critical that you obtain coverage that is suitable for your specific needs. For example, if you have high valued mountain bikes or road bikes as part of your personal contents, then the best coverage option for you would be to choose an insurer that insures bikes for their new replacement cost. Most insurers only pay a depreciated settlement for bikes, which may leave you hundreds or thousands of dollars short in the event of a claim.
Whilst insurers will often tell you they are providing their quotation on a “like for like” basis, our experience is that two different insurer’s policies are seldom the same in the detail of the policy and different claim outcomes would apply. We have the expertise to review policy wordings and advise you what represents the best value for money.
