MARKETING: Bach and holiday home insurance

Bookabach, Initio and Lumley have teamed up to provided our property owners with an insurance policy that covers the specific risks related with short term rental accommodation.

Managed by Initio and underwritten by Lumley General Insurance, this insurance product has been designed to provide property owners a greater peace of mind.  It’s insurance cover that addresses the specific additional risks related to use of the property for short term holiday rental accommodation.  Plus, it’s all done online! The initio policy replaces your current home and contents insurance and covers situations such as:

• Theft or damage at the property during a short-term holiday rental:  This is something that every holiday home owner dreads, and yet many policies provide limited or no cover for this risk.
• Malicious damage or theft at the property while it’s empty: This is even more likely.  Surprisingly, your existing insurance policy may have limitations on it’s cover while the property is unoccupied.
• Your liability as it relates to personal accident of injury:  The onus is on you to provide a safe and secure environment.  If someone does have an accident at your property, as the owner,  you can can be held liable.  Having the right liability cover in your insurance policy helps protect you from protracted and costly legal battles.

This insurance product has been specifically formulated to address these risks.

Policy features

Description of cover	Limit of cover	Excess
Full replacement to square meterage	Full replacement	You choose
Major malicious damage by tenant (fire and explosion)	Full replacement	You choose (min $500)
Other deliberate damage by tenant	$25,000	You choose (min $500)
Loss of rents cover (following a valid claim)	$20,000	Nil
Landlords contents (furniture, fittings etc.)	$20,000 or $40,000	You choose
Hidden gradual damage cover	$3,000	You choose
Owners legal liability cover	$2,000,000	You choose
Full earthquake cover	Full replacement	You choose

 

How to get insured

The Initio website generates quotes on the spot and you pay online to receive your policy.  You’ll need to know the size of your bach or holiday home in square meters. 
Your policy confirmation and your log in to the Initio website will be sent to you automatically.

 

More info

Got questions? Visit Frequently Asked Questions (FAQs) on the Initio website.

Read the Resource article Got Insurance? (No really?)