Initio, underwritten by Lumley (IAG New Zealand Ltd), is a specialist holiday home and rental property insurer. This insurance has been specifically designed to provide property owners with greater peace of mind. It’s insurance cover that addresses the specific additional risks related to the use of the holiday homes for short term rental accommodation. Plus, it’s all done online! The Initio policy replaces your current holiday home insurance (theres no need to keep your current insurance in place) and can cover situations such as:
This insurance product has been specifically formulated to address these risks.
|Description of cover||Limit of cover||Excess|
|Full replacement to a Sum Insured||Replacement sum insured||You choose|
|Major malicious damage by tenant (fire and explosion)||Replacement sum insured||You choose (min $500)|
|Other deliberate damage by tenant||$25,000||You choose (min $500)|
|Loss of rents cover (following damage)||$20,000 or $40,000||Nil|
|Landlords/Owners contents (your choice of present day or replacement cover.)||$20,000 - $120,000||You choose|
|Hidden gradual damage cover||$3,000||You choose|
|Owners legal liability cover||$2,000,000||You choose|
|Full earthquake cover||Replacement sum insured||You choose|
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, and what you want to insure it for. It is important that you specify a replacement sum insured that reflects the actual cost to rebuild your home and section improvements (fencing, pools etc) from the ground up.
Once you go through the online steps your policy confirmation and your login to the Initio website will be sent to you automatically.
Got questions? Visit Frequently Asked Questions (FAQs) on the Initio website.
Read the Resource article Got Insurance? (No really?)