NZI Distinction Home Insurance

Transcription

1 NZI Distinction Home Insurance Summary of key changes Some important updates to your NZI Distinction Home Insurance We wanted to let you know about some important changes that have been made to your NZI Distinction Home Insurance policy, which include a number of new benefits and other updates to your policy wording. What do you need to do? Please read the information in the table below, which outlines the key changes to your policy. As every update is not listed here, we recommend that you read this in conjunction with your new policy wording so that you understand everything you are covered for, as well as the exclusions and limitations that apply. If you have any questions or would like to know more about any of these changes, please contact your broker. New benefits & clauses Disability modifications This benefit covers you, your partner or a family member who permanently resides with you, in the event of you or them suffering a specified permanent disability, if modifications to the home are required as a result, we will pay up to $20,000 for this. Section one automatic additional benefits Pages 6 13 We will only pay the amount in addition to any amount payable by the Accident Compensation Corporation or any other insurer. Fatal injury This benefit covers you, your partner or children for fatal injury as a result of fire, home invasion, burglary or theft that occurs at the home. We will pay up to $10,000 for each fatality, up to $40,000 in total, and this is an excess free benefit. Fire protection equipment This benefit covers the reasonable cost of refilling or replacing firefighting equipment kept at the home if it has been used to prevent or control loss to the home from a fire. We will pay up to $5,000 during an annual period, and this is an excess free benefit. Home replacement This benefit covers the reasonable costs to repair or rebuild the home, even if it costs more than the total sum insured. This is provided the loss is not caused by or contributed to by a natural disaster and certain conditions are met including providing us with a rebuild cost estimate that is not more than three years old from a registered valuer or registered quantity surveyor that covers all aspects of the home and any special features, and the home and special feature sums insured must be no less than as set out in the estimate. Page 1 / NZ6669/1 10/17

2 Home replacement bonus The limits shown in the policy wording or in the schedule are waived for recreational features such as swimming pools and tennis courts, retaining walls and special features such as bridges, provided the home replacement benefit conditions are met. We will pay the reasonable costs to repair or rebuild these items, even if it costs more than the total sum insured, provided the loss is not caused by a natural disaster and up to the total sum insured if the loss is caused by a natural disaster. Illegal rubbish dumping This benefit covers the cost of removing rubbish that has been illegally dumped within the residential boundaries of your home. We will pay up to $5,000 during an annual period, and this is an excess free benefit. Lifestyle block fencing This benefit covers your lifestyle block fences (excluding shelter belts) for up to $10,000 during an annual period following loss to the lifestyle block fences where there is also loss to the home from the same event. Methamphetamine contamination This benefit covers the cost of cleaning damage caused by methamphetamine contamination. We will pay up to $50,000, and an excess of $2,500 applies. Owner-occupied and holiday homes are covered. Short-term rentals are also covered, but different conditions and limitations apply. There is no cover for contamination damage in connection with tenancies or occupancies of more than 90 days duration. Mortgage discharge cover This benefit covers the legal and mortgage provider costs to discharge your mortgage following a total loss covered by the policy. We will pay up to $5,000. Safety margin If you choose to repair or rebuild your home following loss (other than natural disaster, storm or flood) covered under the policy, we will pay up to an additional 10% on top of the sums insured shown in the schedule if the actual covered cost to repair or rebuild the home is higher than those sums insured. Reparation Cover is extended to include any liability to pay reparation awarded by a New Zealand court to a victim who has suffered accidental loss to property or accidental bodily injury in connection with the ownership of your property. It is payable within the existing liability limit. Section two your legal liability What you are covered for Page 14 Page 2 / NZ6669/1 10/17

3 Obligations due to reparation cover A new clause has been added specifying that you must notify us if you are charged with any offence that resulted in loss of or damage to someone else s property or bodily injury to another person. We must be notified as soon as possible to ensure that any action which may be required can be considered in a timely manner. A new clause has been added specifying that you must not make any offer of reparation (including as part of any case management conference or sentencing hearing) without having first obtained our agreement to the offer. Sum insured reduction and reinstatement Following loss to your home or any special feature for which a claim is payable, the relevant sum insured is reduced from the time of the loss by the amount required to repair the loss. This sum insured is reinstated when any payment is applied to repair the home or any special feature. Intentional acts not covered There is no cover for loss that is intentionally caused by a tenant, guest of a tenant or anyone who occupies the home except where the loss is caused as a result of fire or explosion or where loss is covered under Methamphetamine contamination benefit. How to claim What you must do clause 9. Page 16 What you must obtain our agreement to do clause 4. Page 16 Section one cover for your home What we will pay Reduction of sums insured Reinstatement of sums insured Pages 4 5 Section one cover for your home What you are not covered for Page 4 There is no cover for loss related to fire or explosion due to an intentional act by you or your partner. Updated benefits & clauses Alternative accommodation This benefit now extends to cover accommodation costs where your home cannot be lived in due to methamphetamine contamination covered by the policy. Section one automatic additional benefits Pages 6 13 It also clarifies that this benefit will only respond if the home is your principal residence. The maximum amount payable under this benefit has increased from $100,000 to reasonable costs. For fire and explosion related losses, you have an option to extend the maximum payment period from 12 months to either 18 or 24 months please contact your broker for more information and to purchase this extension. Breakage extension An excess no longer applies for claims for accidental breakage to glass in any window, door, screen, sink, bath, wash basin, toilet bowl, shower cabinet, bidet, fixed glass lampshade, permanently fixed mirror or glass in built-in furniture. Previously, an excess of $250 per incident applied. Hidden gradual damage The maximum amount payable under this benefit has increased from $5,000 to $10,000. Keys and locks The maximum amount payable under this benefit has increased from $3,000 to reasonable costs. Page 3 / NZ6669/1 10/17

4 Landscaping The maximum amount payable under this benefit has increased from $10,000 to $100,000. This amount is now included within the total sum insured. There is also clarification that this benefit does not include: land, earth or fill, including top-soil and compost, or the cost of levelling, stabilising, supporting or restoring land, earth or fill, or the cost of any landscaping design, or any live plants being cultivated for financial gain. Matching items We will cover the cost to replace undamaged parts of any bathroom suite, kitchen suite or carpet due to loss or contamination damage, if replacement is required and a matching replacement cannot be obtained. Previously, only bathroom suites and kitchen suites were covered. Natural disaster Clarification that the most we will pay under this benefit is payable per event. New building work The maximum amount payable under this benefit has increased from $10,000 to $50,000. Security system The maximum amount payable under this benefit has increased from $500 to reasonable costs. Stress The maximum amount payable under this benefit has increased from $2,000 to $10,000. Sustainability upgrade The maximum amount payable under this benefit has increased from $20,000 to $25,000. Temporary removal of fixtures Fixtures and fittings that have been removed from the home for professional restoration, renovation or repair are now covered for up to 90 days. Previously, they were covered for up to 60 days. Trauma cover The maximum amount payable under this benefit for professional counselling services has increased from $1,000 to $2,500 and temporary accommodation while security is improved has increased from $1,000 to $2,500. These amounts are now paid in addition to any other payment under the policy. Previously, they were paid within your total sum insured. Tree removal The maximum amount payable under this benefit has increased from $1,500 to $3,000. Page 4 / NZ6669/1 10/17

5 Water or sewage pipe blockage The maximum amount payable under this benefit has increased from $500 to $2,000. Cover is extended to repair or reinstate any driveway, patio, path, paving, tennis court or other permanent structure which suffers damage from locating the blockage. Vacant homes If your home is vacant for more than 90 days, cover automatically continues for loss caused by fire, explosion, lightning or a natural disaster. Previously, all cover was suspended unless you notified us and we agreed for cover to continue. Forest and rural fire liability cover The Forest and Rural Fires Act (FRFA) has been repealed effective 1 July 2017 and liability under the FRFA is no longer applicable. We have amended your policy by removing the clauses that referred to the FRFA. Section one cover for your home What you are not covered for Page 3 Section two your legal liability What you are covered for Page 14 You will continue to be covered for liability for damage to other people s property or bodily injury to others caused by fire in accordance with the legal liability cover under your amended policy wording. Legal liability The maximum amount payable under this benefit for liability for damage to other people s property and bodily injury to others has increased from $2,000,000 to $5,000,000. New and updated exclusions New exclusion Intentional or reckless acts Clarification that there is no cover for any loss or liability arising from any intentional or reckless act or omission by you or anyone else covered by this policy. Section two your legal liability What we will pay Page 14 Policy exclusions that apply to all parts of this policy Pages Updated exclusion Unlawful substances This exclusion has been modified to clarify that cover is available under the new Methamphetamine contamination benefit and the amended Alternative accommodation benefit. This exclusion does not apply to loss caused by the accidental spread of fire or explosion. The following exclusions have also been updated Confiscation Earth movements Electronic data and programs Nuclear Terrorism War Page 5 / NZ6669/1 10/17

6 Updated conditions Breach of any condition Clarification that if you breach any of the conditions of your policy we may decline your claim either in whole or in part, decline any claim connected with the same event that you make on any other policies you have with us, declare either this policy or all insurance you have with us to be of no effect and to no longer exist from the date of the dishonest or fraudulent act or breach. Policy conditions Pages True statements and answers Clarification that true statements and answers must be given in all communications with us. The following conditions have also been updated Cancellation Change of terms New and updated definitions New definitions Bodily injury Contamination claim Contamination damage Contamination level Injury Methamphetamine Partner Remediate Reparation Definitions Pages Updated definition There is an important change to the definition of home. Outbuildings with limited rural use are now covered under your home policy. You also have automatic cover for private utility plants with a replacement cost of less than $15,000, bridges, culverts, permanent fords or dams with a replacement cost of less than $25,000 and wells or bore holes with a replacement cost of less than $30,000. If cover is needed for items with a replacement cost higher than the amounts above, you must specify them separately as a special feature. Page 6 / NZ6669/1 10/17

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