HOME INSURANCE CHANGES
For new business from 20 April 2013 and Existing business at renewal from 01 July 2013 the way NZI Insures your home is going to be different.
If your home is currently insured for an unspecified replacement cost, when your home insurance renews, it will shift to being insured for up to a maximum specified amount. This amount is called the Total Sum Insured.
The Total Sum Insured will be the maximum amount payable for any damage to your home, so it’s important you ensure that your Total Sum Insured reflects the likely cost of rebuilding your home as accurately as possible.
The change isn't just limited to NZI - it impacts many other New Zealand insurance providers and many New Zealand home owners will be affected.
– Tennis courts, permanently fixed swimming pools and/or permanently fixed spa pools including ancillary equipment and/or pump(s). NZI Echelon policy includes cover up to $45,000 (Total all items)
Retaining Walls – NZI Echelon policy includes cover up to $25,000 (Total all items)
– Bridges, culverts, cable cars, permanent fords or dams, wharves, piers, landings and/or jetties or private utility plants including wind or water mills, or diesel generators are not automatically covered.
What to do:
- Check the Total Sum Insured amount on your policy Schedule
- Estimate the likely cost of rebuilding your home, taking into consideration any Recreational Features, Retaining Walls and Special Features
- Contact us if you need to adjust your home’s Total Sum Insured amount or if you need to arrange cover/additional cover for Recreational Features or Retaining Walls, or to arrange cover for Special Features.
where you'll find an easy-to-use calculator that can help you estimate the likely cost of rebuilding your home. You'll also find other resources and information on the site that will help you understand changes to your home insurance and where to go for more support.