You may have recently heard on Fair Go and in the news recently that many of us have not insured our homes for the right amount. Insurers have put the responsibility of home insurance on you, therefore running the risk that if you get it wrong, you will have serious shortfalls in what it would cost to replace your home.
The great news now is that our insurers have introduced a product called SumExtra for Home Insurance. We’re extremely pleased to advise that with effect 11th February 2015, this benefit will also apply to all of our clients with Stylecover home insurance policies.
Very simply, this is a market leading benefit which provides up to 10% extra cover for natural disasters, and repair or replacement otherwise. It’s also the first benefit we’re aware of which addresses the underinsurance risk posed by many Client’s failing to accurately measure the cost of rebuilding their home. It’s also very easy to be eligible – only two steps involved!
What does the benefit actually cover?
If a your home is damaged or destroyed in a natural disaster and their sum insured isn’t enough to pay for the repair or rebuild, you will now receive up to 10% extra cover. Alternatively, if the loss to your home is caused by an event other than a natural disaster, you’re now covered for the repair or replacement to your home even if the cost exceeds the sum insured.
How do you qualify for this benefit?
- You just need use the Cordell Calculator (www.cost2build.co.nz) or a suitably registered professional to estimate their homes replacement cost and a suitable home insurance amount;
- Use this estimate to set your sum insured value by contacting us.
NB: The sum insured you set must be at least the value of the estimate, which is dated prior to the loss and no greater than three years old. The estimate also needs to be provided at the time of claim, so ensure you keep it safe.
If you already qualify, the great news is that there is no need for extra forms – the benefit is yours automatically at no additional cost!
If you would like a quote for Home, Contents and Vehicle insurance, then please contact me on 07 349 1270 or 027 477 6796.