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Underwriter Update.
The Christchurch earthquakes have become the third largest insurance event in history. Already claims have reached $40billion.
The subsequent upheaval and changes in the market have now seen all insurers dramatically increasing their premiums.
To reduce the impact of these changes for our clients, we are now close to finalising a new international insurance facility with competitive
premiums that will provide the same superior Pro-Sure cover. So watch this space. In the interim we have alternative covers for all new
business and insurance renewals. Whilst these alternative policies may not have all of the Pro-Sure benefits they are among the best policies
available in New Zealand.
For more information please call us on 0800 699 800
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I live overseas can I get cover for my rental property in NZ?
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Yes we have quite a few overseas clients,
ex-patriots or foreign nationals that are insured via Pro-Sure. The owner can
make payment via an International Money Transfer (IMT) allowing for the
applicable transfer fees, or via payment by the Property Manager. We can only
insure properties located in New Zealand.
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Do I need ot stay with a property manager?
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It is desirable
to stay with your property manager to insure your cover is maintained. Please
advise any changes of property managment status.
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I don’t have a property manager can I still
obtain Pro-Sure Insurance?
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There are many qualified or experienced investors, they will be referred to
Pro-Sure who will determine if cover can be provided.
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I have a furnished Apartment can I insure the
furniture?
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Contents can be insured up to a maximum sum insured of $100,000 at an additional
premium. The additional contents need to be specified in the Tenancy Agreement.
There is no cover unless the additional contents are recorded. (Refer to the
policy contents section for details about the contents insurance).
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I suspect that the tenants are engaged in illegal
activity at the tenancy premises what should I do?
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If you have reasonable grounds to suspect the tenants are breaking the law, inform
the police and if you need more help with the claim for termination contact the
Conveyancing Shop.
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Must I have a Bond and is the bond taken into
account for claims purposes?
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You must charge a Bond and it should preferably be the 4 week maximum you can
require the tenant to pay. The Bond is not taken into account for rent loss
claims purposes and can be kept to cover losses and re-letting costs. In other
situations the Bond could be utilizeed in the claims process. (For thr Essential
policy the Bond is used in all claims).
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Can an older house be insured under Pro-Sure?
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For insurance of houses built more than 50 years ago a questionnaire is
required. A builder’s inspection report may need to be provided as well as a
recent electrical compliance certificate issued by a qualified electrician.
Special conditions may also apply. Cover for houses older than 50 years of age
will be referred to the Insurer for approval. Recent photos of the property are
also required.
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The tenant has died or has been killed what
happens next?
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It does not happen often and it depends on the facts, contact the
Conveyancing Shop and get help with the answer to this one.
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Can I wait till
the end of the tenancy to claim for accumulated damages caused during the
tenancy?
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This is not recommended but yes it is possible. If the damage cannot be logically
linked to the same event, then excesses may be applied to each event forming the
claim. If the damage can be attributed to “just one” event however, then a
single excess will be applied. When a claim arises, the Insurer normally
appoints an independent assessor who will determine what excess will apply.
Furthermore, the assessor will require copies of the written inspection
reports to verify condition, age and what action has or should have been taken
since the inspection.
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To make a claim for rent arrears is there a
specific process that I should follow?
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In order to succeed with a claim for rent arrears you must follow a rent arrears
protocol to minimize rent loss. The protocol is set out in the policy and the
flow chart sent to you. Please read it and follow it. In addition you will
need to provide a copy of the tenancy agreement and any relevant ten-day notices
and a 14-day rent arrears property inspection. If the claim covers rent lost
after the date of termination and up to actual possession you will need to
verify the dates with a letter or if the bailiff conducted the eviction then a
copy of the bailiffs documentation.
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Some policies only cover malicious damage what
does this policy cover?
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Sudden and accidental damage, malicious and gradual damage and other risks outlined
in the policy.
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Can I insure my beach or holiday house that is
rented out occasionally?
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Pro-Sure is specifically designed to provide cover for rental properties but not
Holiday homes. If you are in that situation we can provide an
alternative quote under a different type of cover.
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Does it make any difference whether my tenant is
on a fixed term or periodic tenancy?
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It may make a difference to your claim for rent arrears. If you are not sure
contact the Conveyancing Shop for help.
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What type of properties can be covered by
Pro-Sure?
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Pro-Sure can provide cover for any residential dwelling be it standalone houses,
flats and apartments being part of a Body Corporate.
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Can I claim for rent arrears before I have a
Tribunal order?
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You will need an order of the Tribunal to evidence your rent loss.
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I'm new at this and need help, how can I get
help?
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Contact the Conveyancing Shop by phoning 09 638 6969 or email
tenancy@conveyancingshop.co.nz
to get assistance. You are entitled, as of right, to 60 minutes advice per year.
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What type of cover is available?
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Policies that are available. For full details
Click Here
• The Pro-Sure Max: this cover offers full comprehensive protection for sudden, accidental malicious,
burglary or theft cover and rent losses. The house is insured for replacement
value based on sq m, whilst the contents are insured for $20,000 standard, but
this can be increased to $100,000 max. This policy would replace any existing
house or contents insurance no need to have any other insurance on your rental
or rental contents.
• Pro-Sure Max for Body Corporate Apartments: this cover is very similar to the Pro-Sure Max. Except that Sudden and Accidental
damage for the house is not insured as this is already covered under the Body
Corporate Insurance. There are other minor differences as well, refer to the
policy wording
• Pro–Sure Pro:
this cover provides the same rent loss protection as the Max Policy, but damage to
the house and contents are limited to $20,000 standard. The contents can be
increased to a maximum of $100,000. The PRO Policy is designed to be an add-on
to an existing home policy.
Pro-Sure Essential:
This comprehensive policy provides protection for loss of
rent as well as 100% replacement cover for the
dwelling, contents and more. The
cover is particularly suited for properties up to 140 sqm, or in case of
multiple properties on one site.
• All our Landlord's policies have built-in liability cover, defence cost and legal consultation
support. This unique advisory service has years of practical experience
available on-tap for our policy-holders as part of their Pro-Sure policy.
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