Landlord Insurance NZ, Rental House Insurance NZ, Landlords Insurance NZ, provides for loss of rent, gradual & malicious damage, bond protection, content cover & tenancy advice. Contents Insurance, NZ

Landlord Insurance NZ, Rental House Insurance NZ, & Tenants provides loss of rent, 
                    gradual and malicious damage, bond protection, content, tenancy advice, Insurance  New Zealand,
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                       ,defaulting Insurance  ,malicious damage Insurance  ,contents insurance , income Insurance  ,
                       flood Insurance  ,water damage Insurance  ,landlords Insurance  , earthquake Insurance  , house Insurance
                        ,property Insurance  ,apartment Insurance  ,Insurance   broker ,gradual damage Insurance  ,
                        tenancy Insurance





             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

What Is Landlord Insurance?

There are a multitude of rental house insurance policies available on the NZ market, with many insurers having multiple variations of cover they provide, the following can only provide a “helicopter view” of the general categories of cover and concepts.

Traditional cover (or standard cover) with tenancy occupation extension

This is the most common cover in NZ, it is based on the standard owner occupier house policy, with much of the standard cover deleted eg Gradual damage, Accidental damage & Temporary accommodation.

In some cases the policy wording includes these covers, but then states that they do not apply if the property is tenanted, leaving some landlords thinking they have more cover than they actually have.

Quite often they are “sum insured” policies rather than “size based” policies, meaning that you may not get enough to rebuild.

The actual cover provided is usually little more than Fire, flood, storm damage, earthquake and car or plane crashing into the house & loss of rents (but only in the event of a fire).

Top up cover

This is a policy that sits on top of your standard (base) house policy and provides additional cover, such as malicious tenant damage and rent loss due to tenant default. The House Insurer still needs to know & agree that the property is tenanted, otherwise they may decline your claim, even if the claim is not related to the tenants!

Cover is usually limited to a maximum of $20-$30,000.

Among the issues we have come across are:

  • The policy limit may not be enough to cover the damage done.
  • Some landlords have taken this policy thinking it was all they needed, meaning that they are not covered, if for example the tenant accidently burnt the house down.(some top up policies can decline any claim if you do not have a base policy).
  • Conflicts between the basic house policy and the top up policy, say the tenant maliciously sets fire to the house, the house policy does not pay, although it covers fire it excludes malicious acts by the tenant. & the top up policy does not pay, although it covers malicious acts (up to $20-30,000) because it excludes fire damage. So the landlord maybe left without a house or any claim payment.

 

Landlord insurance

These are modern policies that provide both the standard & top up cover.

The house is usually covered for its size (for non tenant damage) meaning you should not be underinsured and you will get a similar sized replacement house.

The malicious damage cover provided by different policies ranges from $3,000 to the full replacement value of the house.

They may provide additional cover like gradual damage, however saying that, the quality of the gradual damage cover varies widely between policies. Some only cover leaks from internal (inside the wall) water supply pipes others cover leaks from water supply & waste water pipes and damages caused by over flowing baths etc.

As with all insurance it’s vital to read & understand the policy wording, especially the “exclusions & warranties”.

Good cover may not cost more & even if it does – remember why you have insurance - getting it wrong could ruin you.

Finding the right insurance solution is not for the fainthearted, it should be done preferably with a broker who can consider your l circumstances and recommend the best insurance solution!

Good cover doesn’t  cost it pays!

                
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