Common pitfalls are:
- under insurance – now that insurers have amended their policies to a sum insured basis;
- limitations around recreational features, for example tennis courts or swimming pools, and retaining walls.
If the property is a rental property you not only need to consider loss of rents and chattels, Malicious Damage by tenants could be a problem. You will need to consider extending your policy to suit.
Not all contents insurance policies are created equal. Some don’t provide full replacement or apply limits to the cover available for certain items. We will discuss your requirements with you to ensure the your contents cover is suitable for you.
Most kiwis are underinsured for their contents. It will surprise you to learn what your personal belongings mightcost to replace! We recommend that you use a Contents Valuation Guide to assist in determining an adequate sum insured.
You have various levels of cover to consider:
Comprehensive: insures damage to your vehicle and your liability to third parties. The policy also provides extensions to include personal contents damaged or lost in an accident.
Third Party Fire & Theft: insures your vehicle for damage caused by fire or theft, and for third party liability, but be aware that windscreen and glass breakage is not covered.
Third Party only: The absolute base cover. This simply indemnifies you for third party liability in the event that you cause damage to third party property.
Covering your moored or trailered boat, yacht or jet-ski both in and out of the water. The policy can be extended to cover your accessories, fishing equipment and auxiliary motors on-board as well as your legal liability while you’re on the water.
Most house policies won’t automatically include cover if the event your tenant maliciously damages your property, vacates without notice or fails to pay rent due to access or utility issues. Landlords Protection provides cover for these types of situations. In addition, recent uncertainty around the application of the Property Law Act makes a Landlords Protection an essential risk management tool for any property investor
Not limited to your house and contents, Lifestyle insurance is a streamlined package that can be extended to cover anything from farm buildings, sheds, fixed machinery and quad bikes and liability and livestock.